SA economy contracts 2% in Q1 as recession deepens

SA records its third consecutive quarter of economic decline. #eNCA Courtesy #DStv403

JOHANNESBURG - As expected, South Africa's economy continues to decline.

The latest GDP figures from StatsSA shows the economy shrunk by 2 percent in the first quarter of 2020 before the impact of COVID-19.

READ: Stats SA to release GDP figures

The biggest contributor to the negative growth was the mining sector.

It shrunk by a staggering 21.5 percent.

Manufacturing also contracted by 8.5 percent, mainly due to load-shedding.

The biggest positive contributor was the agricultural sector which increased by over 27 percent.

- Additional reporting Reuters -

Source
eNCA