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EZA - PMI Signals Fragile Outlook For South African Economy As Recession Continues
iShares MSCI South Africa Index Fund
South Africa remained in recession at the start of the year, with a first-quarter fall in GDP of 2% on an annualised basis. With the nationwide lockdown at its strictest in the second quarter, PMI data signalled that the downturn is set to deepen sharply in the three months to June. Business closures and a steep drop in client demand reportedly led to severe reductions in activity, according to the survey. Lockdown measures were eased in June, but with cases mounting and some measures reimposed in July, the economic outlook for the private sector remains