GDP drops an annualised 51% in second quarter
The rand dropped 1.14% on Tuesday afternoon as Stats SA revealed that the economy fell 16.4% on a non-annualised basis
SA’s dire economic position was thrown into stark relief on Tuesday with Stats SA revealing that the economy shrank by an annualised 51% during the second quarter, the worst quarterly collapse on record.
After opening on Tuesday morning at just above the R16.7/$ mark, at 1.14pm the rand had weakened 1.14% to R16.9245/$, its worst one-day drop since August 31. ..