South Africa Economy Shrinks Ahead Of Local Elections

South Africa economy shrinks ahead of local elections

The contraction comes less than two months before local government elections, putting the country's sluggish economy squarely in the political crosshairs. Gross domestic product fell 0.2 percent from the previous quarter on a seasonally adjusted basis, StatsSA said. Mining was the biggest drag, shrinking three percent as production of platinum-group metals, manganese, gold and iron ore fell. Trade contracted 1.9 percent, ending six straight qu…

Economy shrinks for the first time in two years, unions demand action

South Africa's economy shrank for the first time in almost two years. The Congress of South African Trade Unions wants government to step in with fuel and electricity relief before things get worse.

Snapping two-year growth streak: South Africa economy shrinks ahead of local elections