FILE PHOTO: Shoppers stock up on groceries as they wear protective masks to contain coronavirus at a Makro store in Johannesburg, South Africa, March 16, 2020. REUTERS/Siphiwe Sibeko/File Photo
The economy of South Africa, the continent’s most advanced, shrunk by two percent in the first quarter of this year, its third consecutive quarterly decline, official statistics showed Tuesday.
StatsSA said mining and manufacturing were the biggest drags on overall economic activity — with the mining and quarrying sectors shrinking by 21.5 percent.
The manufacturing industry contracted by 8.5 percent.
Overall, the economy is projected to shrink by 7.2 percent in 2020 as a result of the coronavirus pandemic, the deepest slump in 90 years, Finance Minister Tito Mboweni said last week.
The latest figures do not reflect the impact of the coronavirus which only started in March, leading to the shutdown of the country from March 27.
South Africa which has the highest recorded number of…
Source: Guardian Newspaper
