Cape Town - The National Credit Regulator (NCR) cautioned consumers to not take on unnecessary debt in a worsening economic climate after South Africa entered into a technical recession.
On Tuesday, Statistics South Africa announced that the South African economy moved into a recession after GDP contracted for two consecutive quarters. In the first quarter of 2017, the economy recorded negative growth of -0.7% and in the fourth quarter of 2016, GDP contracted by 0.3%.