South Africa’s recession deepened in the first quarter of 2020, with official data on Tuesday showing that GDP contracted 2% from the previous three months.
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South Africa’s unemployment rate hit a record high in the first quarter of this year as key sectors including agriculture shed jobs, data showed on Tuesday.
Consumer-price growth quickened to 4.5% from 4% in December, Statistics South Africa said on Wednesday. The median estimate of 19 economists was for 4.6%.
South Africa’s economy contracted for a second quarter this year in the three months to September as farming, mining and factory output slumped. The rand extended its decline against the dollar.
South Africa’s annual inflation rate dropped more than forecast to the lowest in almost nine years in October, providing some room for the central bank to ease policy.
South Africa’s economy contracted the most in a decade in the first quarter as the nation suffered the deepest power outages since 2008. The rand dropped and banking shares slumped.