When people have money and are spending it, it means that the economy is growing 🔒
Consumer spending constitutes most of SA’s GDP by far. When people have money and are spending it, it means that the economy is growing and vice versa. But now, SA retail sales growth is languishing and eight months into 2020 is still heavily negative, due to the severe lockdown after the coronavirus outbreak that began in March.
The recovery that began in May appears to be running out of steam, which doesn’t augur well for economic growth prospects this year or next.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.
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