WATCH: What the shocking GDP numbers mean for SA
SA’s economy contracted 3.2% in the first quarter of 2019, marking the biggest quarterly decline in a decade.
All industries, except the government, finance and personal services, contracted during the period. The Reserve Bank recently cut its growth forecast for 2019 to 1% from 1.3% while the Treasury expects growth of 1.2%, down from 1.5%. The IMF has also revised its forecast down to 1.2%.