CHRIS GILMOUR: Flagging retail sales performance casts shadow over recovery
Growth is still negative after four months of easing of restrictions, trailing behind countries such as Brazil
Consumer spending constitutes most of SA’s GDP by far. When people have money and are spending it, it means that the economy is growing and vice versa. But now, SA retail sales growth is languishing and eight months into 2020 is still heavily negative, due to the severe lockdown after the coronavirus outbreak that began in March.
The recovery that began in May appears to be running out of steam, which doesn’t augur well for economic growth prospects this year or next...