Covid-19 lockdown sees GDP plunging by 51%
South Africa's gross domestic product (GDP) contracted by a shocking 51% in the second quarter of 2020.
The latest Gross Domestic Product (GDP), released on Tuesday, covers the period of the level 5 and 4 lockdown restrictions.
The lockdown was imposed by government in an attempt to limit the spread of Covid-19.
Stats SA released the latest GDP figures at its headquarters in Pretoria on Tuesday.
It is the fourth consecutive quarter of negative growth for the country’s recession-hit economy.
Statistician-general Risenga Maluleke said the only positive contributor was the agriculture sector, which showed growth of 15,1%.
"The trade, catering and accommodation industry decreased by 67.6%. Decreased economic activity was reported in wholesale trade, retail trade, motor trade, catering and accommodation," Maluleke said.
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Economy shrinks by half in second quarter
Gross domestic product in South Africa shrank by more than half from April to June compared with a year earlier, battered by the impact of the coronavirus pandemic, the country's statistics agency said.
The economy buckled as only selected essential goods were allowed to be sold during the early stages of the lockdown.
Manufacturing contracted by 74.9% in the second quarter, with all ten manufacturing divisions reporting a negative growth rates.
"The transport, storage and communication industry decreased by 67,9%. Decreases were reported for land transport, air transport and transport services."
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Covid-19 lockdown sees GDP plunging by 51% by Nokukhanya Mntambo on Scribd