South Africa’s economy contracted in the second quarter
On a year-on-year basis, the economy grew by 0.2% in the second quarter, compared to 2.7% in the first quarter. Stats SA acting Chief Director, Litshani Ligudu says, “After two consecutive quarters of negative growth, Real Growth domestic product decreased by 0.7% in the second quarter of 2022. The devastating floods in KZN and load shedding contributed to the decline. Seven of the ten industries recorded a contraction with agriculture, construction, manufacturing and mining industries recording the largest percentages of decreases.
Ligudu adds, “Agriculture, forestry and fishing retreated by minus 7.7 percent pulled lower in the production of animal products. Electricity outages and the spread of foot and mouth disease contributed to the decline. Manufacturing output decreased by minus 5.9 mainly as a result of floods in KZN. Mining output declined on the back of lower gold and diamond production.
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To compound matters, Eskom_SA is back with loadshedding