SOUTH AFRICA, CAPE TOWN – Statistician-General Risenga Maluleke on Tuesday released the results of the gross domestic product (GDP) for the third quarter of 2020, revealing that the South African economy grew by an annualised rate of 66.1% in the third quarter – or 13.5% quarter on quarter.
South Africa’s economy rebounded in the third quarter of 2020 (July–September), coinciding with the easing of COVID-19 lockdown restrictions.
All industries recorded an increase in economic activity compared to the second quarter, with manufacturing, trade and mining leading the charge. Businesses were supported by an increase in both exports and household spending.
Manufacturing, trade and mining were the biggest drivers of growth in the third quarter. The manufacturing industry rose at an annualised rate of 210.2%, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages.
Have a look at the biggest movers in nominal terms, Q3:2020 compared with Q2:2020.
Read more here: https://t.co/fKdNxTAwdM#StatsSA #GDP #economy pic.twitter.com/glzHLRtZRc
— Stats SA (@StatsSA) December 8, 2020
The figures show that South Africa’s economic growth has rebounded, but this is off a very low base.
Economists expected the GDP figures to show a recovery after a steep contraction in the previous quarter, when the economy shrank by an unprecedented 51% on an annualised basis, or just under 17year on year.
This crash was largely due to the hard lockdown imposed to contain the coronavirus pandemic, which saw the economy virtually brought to its knees.
The statistician general said nominal GDP was estimated at R1.27 trillion in quarter three, up by R196 billion on quarter two.
All three economic sectors (primary, secondary and tertiary industries) grew in Q3:2020.
Read more here: https://t.co/fKdNxTAwdM#StatsSA #GDP #economy pic.twitter.com/fAGC4TsIAH
— Stats SA (@StatsSA) December 8, 2020
He said all industries reported growth in quarter three, with manufacturing, trade and mining leading the charge.
In the primary sector, #mining recorded the highest growth rate in Q3:2020, while #agriculture increased the #production of field #crops, #horticulture and animal products.
Read more here: https://t.co/fKdNxTAwdM#StatsSA #GDP #economy pic.twitter.com/qCY2hYc6OT
— Stats SA (@StatsSA) December 8, 2020