Q1 GDP declines by 3.2% for largest quarterly drop in decade - EWN
 

Q1 GDP declines by 3.2% for largest quarterly drop in decade EWNPRETORIA - South Africa?s economy nosedived 3.2% in the first quarter from the previous one as its manufacturing sector suffered, according to data that significantly lagged the 1.7% decline economists had expected and sent the rand sharply lower. Year-on-year growth in Africa?s most industrialised economy was zero compared with forecasts of growth of 0.7%. ?This was the largest economic contraction in almost a decade, ... It was largely driven by manufacturing, then mining,? Statistician-General Risenga Maluleke told a news conference. At 0950 GMT, the rand was around 1.2% weaker against t...



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