GDP shrinks by 0.7% in second quarter.
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South Africa’s economy is smaller than it was before the coronavirus pandemic struck, after the worst flooding in almost three decades and severe power outages caused it to shrink in the second quarter.
Gross domestic product contracted 0.7% in the three months to June, compared with downwardly revised growth of 1.7% in the previous quarter, Statistics South Africa said on Tuesday. That’s the first decline since the third quarter of last year, when deadly riots and a cyberattack at the state-owned port and freight rail operator weighed on the economy.
Gross domestic product contracted 0.7% in the three months to June, compared with downwardly revised growth of 1.7% in the previous quarter, Statistics South Africa said on Tuesday. That’s the first decline since the third quarter of last year, when deadly riots and a cyberattack at the state-owned port and freight rail operator weighed on the economy.
