This decline accelerated to an annualised rate of 2.0% in the first quarter of 2020, despite the nation-wide lockdown only coming into effect in the last few days of March. This was due to falling export demand, weak business confidence and investment, and the return of load-shedding.
While second-quarter GDP data are not yet available, there is sufficient evidence to confirm that the lockdown has exerted a drag on economic activity. For example, mining and manufacturing production plunged by 37% and 44% month on month, respectively, in the month of April. And while there are signs of recovery in some sectors, much uncertainty remains.