Sunday World

KZN floods, power cuts weigh economy down


South Africa’s economy shrank by 0.7% in the three months to June of 2022, compared with market forecasts of a 0.8% fall, as devastatin­g floods in Kwazulu-natal and intense power rationing weighed on a number of industries.

Seven out of 10 activities contracted, with manufactur­ing hit the most. Other sharp declines were seen in agricultur­e, mining & quarrying and trade, catering and accommodat­ion. On the expenditur­e side, household consumptio­n and fixed investment slowed, while government spending fell.

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