RTTNews - Tuesday, the Statistics South Africa announced that the gross domestic product or GDP at market prices decreased a seasonally adjusted and annualized 3% in the second quarter, compared with a 6.4% fall in the previous quarter. Economists were looking for a decline of 3.3%. A year earlier, the GDP was up 1.7%.

This was the first instance of three consecutive quarters of decline in GDP since the fourth quarter of 1992, the statistical office said.

On an unadjusted basis, the GDP at market prices dropped an annualized 2.8% in the second quarter compared to a 1.3% fall in the preceding quarter.

For the first six months of the year, the GDP decreased 2% compared to the same period of the previous year.

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