South African GDP falls by 1.3% in second quarter
South Africa's economy is slowing down, new data shows. By Stephane de Sakutin (AFP/File)
Pretoria (AFP) - South Africa's economy shrunk in the second quarter, official statistics showed Tuesday, as gross domestic product fell an annualised 1.3 percent, surprising analysts who had predicted a small rise.
The slowdown was across the board, with manufacturing, mining and agriculture industries lagging the most in Africa's most developed economy, amid nationwide power cuts and an unemployment level of about 25 percent.