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South African Economy Shrank More Than Expected After Riots

  • Output in three months through September declined 1.5%
  • Virus curbs, cyberattack on ports operator also hit GDP
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The South African economy’s recovery from its worst contraction in almost three decades stalled in the third quarter, after deadly riots, stricter lockdown measures and a cyberattack at the state-owned port and rail operator cut output.

Gross domestic product dropped 1.5% in the three months through September, compared with revised growth of 1.1% in the previous quarter, Statistics South Africa said Tuesday in the capital, Pretoria. Bloomberg’s nowcast forecast was for a 1.2% slump and the median estimate of 11 economists in a Bloomberg survey was for a contraction of 1%.