South African economy to shrink by more than government's 7% forecast in 2020 - Mboweni

Gross domestic product shrunk by a record 51% in the second quarter, its fourth quarterly contraction in a row, as a strict lockdown to curb the spread of the coronavirus saw activity grind to a near-standstill.

In July the Reserve Bank cut its 2020 forecast for GDP to a 7.3% contraction. In its emergency budget in June, the Treasury pencilled in a 7% decline, but some analysts see a double-digit contraction. State utility Eskom, which provides around 90% of the country's power, has struggled for years to meet demand, unleashing nationwide blackouts to keep the grid from collapsing.

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