South Africa GDP Contracts as Mining Slumps Most in 47 Years
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South Africa’s economy contracted for the first time since a 2009 recession as mining plunged the most in almost 47 years during the longest industry strike in the nation’s history.
Gross domestic product fell an annualized 0.6 percent in the first quarter compared with the final three months of last year, when it expanded 3.8 percent, the statistics office said in a report released today in the capital, Pretoria. Mining slumped 24.7 percent, the biggest quarterly drop since the second quarter of 1967.