South Africa's economy contracted by 2 percent in the first quarter of 2020, slipping deeper into recession as output in the key mining and manufacturing sectors plunged. busrep
CAPE TOWN - South Africa's economy contracted by 2 percent in the first quarter of 2020, slipping deeper into recession as output in the key mining and manufacturing sectors plunged, the national statistics agency said today.
The electricity, gas and water sector declined by 5.6 percent and the construction industry by 4.7 percent as the economic impact of a national lockdown in response to the worldwide coronavirus crisis became stark. Government expenditure rose by 1.1 percent and household expenditure by 0.7 percent during the quarter, the latter driven up by spending on food, beverages, tobacco products and narcotics, Stats SA said. However, spending on transport and clothing declined.
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