Gross domestic product fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%.
The steep slump in GDP is due to the COVID-19 lockdown taking its toll on the economy.
The secondary sector decreased by 72,0%, dragged lower by manufacturing, electricity and construction.
Household spending on most products declined in the second quarter.
In a statement Stats SA says perhaps the second quarter of 2020 will become known as the “pandemic quarter”.
South Africa’s economy suffered a significant contraction during April, May and June, when the country operated under widespread lockdown restrictions in response to COVID-19.
Read more HERE.
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Steep slump in #GDP as #COVID19 takes its toll on the #economy. South Africa’s economy contracted by 51% in Q2:2020.#StatsSA pic.twitter.com/tEYvfTfdFC— Stats SA (@StatsSA) September 8, 2020
9 out of 10 industries contracted in Q2:2020.
Read more here: https://t.co/Cu2BvavgTz#StatsSA #GDP #economy pic.twitter.com/9gjlnJ2Srl
— Stats SA (@StatsSA) September 8, 2020
