Thabi Leoka | By any measure, the economy is on its knees

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Thabi Leoka
Thabi Leoka

The much-anticipated second quarter GDP number for South Africa was released on 8 September 2020.

The South African economy contracted 50.1% in the second quarter of 2020. This is the fourth quarterly negative growth rate. When compared with the previous quarter, South Africa lost about R512 billion. That is about the size of the stimulus package which is R500 billion. Real GDP has contracted so much that it is now back to where it was 13 years ago.

Stats SA revealed that the economy on an annualised basis more than halved. This is because on the production side of GDP, all but one sector contracted. Five of the major sectors - which include mining, manufacturing and trade - contracted more than 60%.

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