A steep slump in SA’s GDP

South Africa’s quarterly GDP numbers released by StatsSA showed, as expected, it was a bloodbath.

Steep slump in GDP as COVID-19 takes its toll on the economy.

SA economy contracted by 51% in Q2 2020, measured annually.

According to the report, the primary sector declined by 59%.

Agriculture was the only positive contributor, increasing by 15%, while mining decreased by 73%.

Secondary sector decreased by 72%, dragged lower by manufacturing, electricity & construction.

Tertiary sector declined by 40% as trade, transport, finance & government decreased.

Household spending on most products declined in Q2, in line with the closure of hotels, restaurants, transport services, recreational facilities and many stores.

Consumers spent more on communication. Cut off from family and friends – and having to suddenly work and study from home – many consumers increased their spending on communication services.