Riots may lead to 3% contraction

The unrest that has ripped through South Africa in the past week will force its economy to contract by 3% in the third quarter and drag down full-year growth,jpmorgan said on Friday The week of looting has destroyed hundreds of businesses and killed more than 100 people. The flare-up prompted Jpmorgan to revise Q3 growth quarter-onquarter projections sharply lower from a previous estimate of -0.5 per cent.