Tag: surge

South Africa’s economy rebounds by 66.1% in Q3

Source: eNCA

The latest GDP data has just been released and as expected, the third quarter of this year saw a rebound after a major contraction in the second quarter.

The country’s gross domestic product saw an expected surge in growth between July and September this year.

It rose by an annualised rate of 66.1% after contracting by 51% during the lockdown in the prior three months.

Manufacturing, trade, and mining were the biggest drivers of growth as lockdown restrictions eased in the third quarter.

However, the recovery remains vulnerable, with power shortages and slow structural reforms likely to weigh on sentiment.

The country needs a growth rate of at least 5% to remedy its unemployment crisis.

But current projected growth for the year is expected to be -8%.

 

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My Office News Ⓒ 2017 - Designed by A Collective


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