Stats SA revealed that the economy shrank 51% during the second quarter, worse than expected, with household consumption contracting 49.8%
SA’s dire economic position was thrown into stark relief on Tuesday with Stats SA revealing that the economy shrank 51% during the second quarter, the worst quarterly collapse on record.
The impact of the coronavirus pandemic and SA’s severe lockdown, one of the world’s harshest, were writ large in an economy already in recession ahead of the crisis, with the latest figures completing four consecutive quarters of decline.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 Times Select.
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