South African economy contracts 51% q/q in Q2

South African economy contracts 51% q/q in Q2

South African rand coins sit alongside a South African 100 rand banknote in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images

South Africa’s gross domestic product (GDP) contracted by 51.0% quarter on quarter in the second quarter of 2020, the fourth contraction in a row, data from the statistics agency showed on Tuesday.

GDP shrank 17.1% year on year in the three months to the end of June, reflecting the impact of the country’s tough lockdown to contain the coronavirus.