South Africa economy shrinks by half in second quarter

South African President Cyril Ramaphosa addresses a media conference at the end of the BRICS Summit in Johannesburg on July 27, 2018.

Photo credit: Themba Hadebe | Pool | AFP

What you need to know:

  • The unprecedented contraction came after a strict lockdown, imposed on March 27, caused most economic activity to cease.
  • South Africa's economy was already in recession -- its second in two years -- when it was hit by the virus and had shrunk by two percent during the first three months of this year.



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