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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
Updated on

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%.