According to data released by Statistics SA, South Africa is in an economic recession with a 0.7% contraction in the second quarter of 2018. This is despite expectations that there would be reported growth levels. The rand weakened sharply shortly after Statistics SA released the news. In other news, it was reported by National Treasury that as of the end of July 2018, the difference between government revenue and expenditure reached R95.9 billion, the most since 2004. To read more, click here.