Eurozone crisis wipes $15bn off SA business revenue

Other factors include a slowing demand from other markets such as China amid global economic uncertainty. South Africa's economic growth has also stalled as a result of the combination of the recession in Europe, and low domestic production, particularly in the mining sector which has suffered a spate of violent strikes.

Economists estimate SA economy will grow by just 2.5% in 2012, rising to 3% in 2013. In its report, Grant Thornton said 40% of businesses globally believed the eurozone crisis had had a negative impact on their business, BDLive reports.

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