As more and more countries are reporting that they have swung out of a recession in the past week, the same cannot be said for South Africa. Yesterday, South Africa (which has the African continent’s largest economy) announced that Gross Domestic Product (GDP) shrank 3% for the second quarter (after shrinking 6.4% and 1.8% in the preceding quarters).
This is the first time in twelve years that South Africa’s economy has contracted for three consecutive quarters. Of the sectors that were hardest hit, manufacturing fell the most – declining 11% – while retail sales dropped 4.5% for the second quarter.
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