Economics

Rand Slumps as Growth Contracts for the Second Time in 2019

South Africa’s economy shrank 0.6% in the third quarter
Risk of a Moody’s downgrade keeps rate-cut bets in check

South African Rand Rebound Snaps Streak of Weekly Losses — Photographer: Waldo Swiegers/Bloomberg

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By Colleen Goko-Petzer and Andres Guerra Luz

December 3, 2019 at 9:34 AM UTC

Updated on

December 3, 2019 at 3:54 PM UTC

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The rand weakened after a report showed South Africa’s economy unexpectedly contracted in the third quarter, extending declines following news that the U.S. is moving forward with December tariffs.