Economics

South Africa Data Suggests Deep Recession in Second Quarter

Coronavirus-lockdown restrictions limited economic activity
Central bank sees 32.6% annualized drop in second quarter GDP

A pedestrian sits on a bench at the Victoria & Alfred Waterfront retail district in Cape Town on July 23.Photographer: Dwayne Senior/Bloomberg

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By Prinesha Naidoo

August 13, 2020 at 11:55 AM UTC

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Key South African data released this week suggests a record economic contraction in the second quarter as the damage wrought by a nationwide lockdown to curb the spread of the coronavirus pandemic becomes clear.