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South Africa economy shrinks by half in second quarter
South African President Cyril Ramaphosa addresses a media conference at the end of the BRICS Summit in Johannesburg on July 27, 2018.
Photo credit: Themba Hadebe | Pool | AFP
What you need to know:
- The unprecedented contraction came after a strict lockdown, imposed on March 27, caused most economic activity to cease.
- South Africa's economy was already in recession -- its second in two years -- when it was hit by the virus and had shrunk by two percent during the first three months of this year.
Pretoria,
South Africa's economy shrank by more than half in the second quarter as business activity in the country ground to a halt as a result of the coronavirus pandemic, the national statistics agency said.
