South African private sector activity remained in contraction in February as businesses cut jobs due to weak demand and rising costs.
JOHANNESBURG - South African private sector activity remained in contraction in February as businesses cut jobs due to weak demand and rising costs, and the coronavirus outbreak in China stalled trade between the two countries, a survey showed on Wednesday.
The economy entered its second recession in two years in the final quarter of last year, data showed on Tuesday. Owen added that the coronavirus outbreak had started to have a notable impact on the South African economy, with the shutdown of factories in China leading to a steep lengthening of input delivery times.
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