The South African economy rebounded strongly in 2021

SOUTH AFRICA - Report 08 Mar 2022 by Iraj Abedian

Real GDP figures released by Statistics South Africa (Stats SA) today indicate that South Africa’s economy grew positively in the final quarter of 2021 following its contraction during the third quarter. During the fourth quarter of 2021, real GDP recorded a growth rate of 1.2% q/q, an indication that although it rebounded, the South African economy failed to fully recover from the July civil unrest and the Covid-19 economic lockdown-induced contraction of -1.7% q/q in the third quarter.

On the whole, South Africa’s economy expanded by 4.9% in 2021, which under normal circumstances would have been very impressive for the country’s economy were it not for the fact that growth was coming from a very low base of -6.4 in 2020. Nonetheless, relative to the forecasts at the start of 2021, GDP growth still surprised on the upside due to the economy’s sound performance during H1-2021, in large part due to the mining sector’s impressive contribution. Notably, the South African National Treasury had forecast the 2021 GDP to expand by only 3.3% at the beginning of 2021 during Budget 2021.

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