South Africa’s economy probably contracted more than 30% in the second quarter when restrictions to curb the spread of the coronavirus shut almost all activity for five weeks, according to central bank forecasts.
The annualised drop in GDP is forecast at 32.6% for the three months to June from the previous quarter, the Pretoria-based Reserve Bank said in an e-mailed response to a query.
The Reserve Bank sees the economy contracting by 7% this year and national treasury projects a 7.2% decline in output
South Africa implemented a strict lockdown from 27 March to limit the spread of the pandemic.
The Reserve Bank sees the economy contracting by 7% this year and national treasury projects a 7.2% decline in output.
The near-term economic outlook is highly dependent on the development of the coronavirus pandemic and the extent of restrictions on business activity to limit the spread, the central bank said in an annual report.
