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S.Africa economy shrinks for first time since 'Great Recession'

South African miners hold up sticks during a strike in Marikana on January 30, 2014South Africa’s economy shrank in the first quarter of the year, in the worst performance recorded since the global recession five years ago, official data showed Tuesday. Statistics South Africa reported the economy contracted by 0.6 percent, a stunning reversal for Africa’s most advanced economy amid a rapid boom elsewhere in the continent. The worse-than-expected data comes during the first full day on the job for South African finance minister Nhlanhla Nene. The 55-year-old was sworn in as South Africa’s first black finance minister on Monday.

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