South Africa's economy contracts by 51% in Q2

Money Desk with Devan Murugan. Courtesy #DStv403

JOHANNESBURG - The COVID-19 pandemic has done further damage to South Africa's economy.

The economy has contracted by 51-percent in the second quarter of 2020.

According to Statistics South Africa, nearly all industries experienced a massive drop in output in the second quarter of 2020.

Construction had the biggest drop with the industry slumping further by 76.6-percent.

Manufacturing output shrank by 74.9-percent.

READ: SA economy contracts 2% in Q1 as recession deepens

The finance industry, which includes banking, insurance services, real estate and business services, fell by 28.9-percent.

There is good news in the agriculture industry, the industry expanded by 15.1-percent.

This comes after an increase in maize exports, as well as rising international demand for citrus fruits and pecan nuts.

The country’s economy shrank by a staggering 51% between the months of April and June. eNCA’s Devan Murugan joins us now for more details. Courtesy #DStv403

GDP SA's GDP decreased by 51.0% in the second quarter of 2020, owing to the impact of Covid_19 lockdown restrictions since the end of March 200. StatsSA says this was the fourth consecutive decline in quaterly GDP since the second quarter of 2019. Courtesy #DStv403

Source
eNCA