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South Africa's election uncertainty festers
South Africa's economy will likely remain weak in the June quarter after unexpectedly contracting in the prior three months. This is driven by election jitters weighing on demand. Gross domestic product fell 0.1% in the three months through March, compared with revised growth of 0.3% in the prior quarter. The slump was largely due to contractions in the mining, manufacturing and construction sectors, which make up more than a fifth of GDP. This was driven by weak demand and a pickup in rotational power cuts.
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