South Africa registers impressive Q3 GDP growth: a reason to celebrate or an economy wrestling with headwinds?

SOUTH AFRICA - Report 09 Dec 2020 by Iraj Abedian

South Africa (SA) has exited its longest recession in more than two decades, registering 66.1% q/q GDP growth in annualized terms (non-annualized: 13.5%). This, after contracting by 51.7% in the second quarter (non-annualized: 16.4%). A year-on-year comparison shows a contraction of 6%, better than the -8% anticipated by economists in the Bloomberg survey.

As the economy was allowed to gradually re-open, “getting back to work” meant that it was possible for all sectors to see an expansion. With performances advancing in all three months of the third quarter, it was without surprise that the primary sectors - mining, manufacturing and trade - recorded the highest quarter-on-quarter growth (288.3%, 210.2%, and 137%, respectively). Retail sales, as well as vehicle sales also improved. However, many consumers face financial uncertainty, and this will continue to exert pressure on aggregate demand for the period ahead.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.