economic activity contracted for a third consecutive month in May as rolling power cuts and inflationary pressures continued to weigh on business, a survey showed on Monday.
“After a promising, albeit slight, uplift in new business during April, customer demand was back in negative territory, adding to a steep and accelerated drop in output,” said David Owen, economist at S&P Global Market Intelligence.He added that firms continued to face severe inflation, driven by weakness in the rand, high electricity costs and elevated wage pressures.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: