Source: Bizcommunity, 29 July 2020, photo credit: FreshFruitPortal.com
Figures released on 22 July showed that South Africa’s retail sales plunged by a record 50,4% in April and 12% in May on an annual basis. Statistics South Africa said the April annual figures were the lowest since 2002 when the agency began compiling the data.
Retail and trade accounts for around 15% of gross domestic product, but increasingly indebted consumers kept indoors by the lockdown are unlikely to increase spending soon. Sectors such as manufacturing and mining also remain constrained due to the recent surge in Covid-19 infections.