South African economy contracts 51% in Q2
JOHANNESBURG – South Africa’s gross domestic product (GDP) contracted by 51% quarter on quarter in the second quarter of 2020, the fourth contraction in a row, data from the statistics agency showed on Tuesday.The COVID-19 pandemic has done further damage to South Africa’s economy.GDP shrank 17.1% year on year in the three months to the […]
JOHANNESBURG – South Africa’s gross domestic product (GDP) contracted by 51% quarter on quarter in the second quarter of 2020, the fourth contraction in a row, data from the statistics agency showed on Tuesday.The COVID-19 pandemic has done further damage to South Africa’s economy.GDP shrank 17.1% year on year in the three months to the end of June, reflecting the impact of the country’s tough lockdown to contain the coronavirus.According to Statistics South Africa, nearly all industries experienced a massive drop in output in the second quarter of 2020.Construction had the biggest drop with the industry slumping further by 76.6-percent.Manufacturing output shrank by 74.9-percent.The finance industry, which includes banking, insurance services, real estate and business services, fell by 28.9-percent.There is good news in the agriculture industry, the industry expanded by 15.1-percent.This comes after an increase in maize exports, as well as rising international demand for citrus fruits and pecan nuts.
– ENCA.
The Sun
