The recent move to lockdown Level 1 also is not expected to change the growth outlook for the 2021 year. The South African economy contracted by 7% during 2020, as expected given the unprecedented impact of the Covid-19 pandemic on economies worldwide. separate emails by commas, maximum limit of 4 addresses, 9th March 2021 Note: Search is limited to the most recent 250 articles. READ: Hopes for more growth as restrictions are eased. Manufacturing and trade help lift growth in the fourth quarter The economy grew by 1,5% in the fourth quarter, giving an annualised1 growth rate of 6,3%. South Africa Economic Outlook November 17, 2020 The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. The Gross Domestic Product (GDP) fell by just over 16% between the first and second quarters of 2020. A resurgence of infection fuelled by a more contagious variant of the coronavirus meant a reimposing of some of the restrictions but industries put up a brave face. Thursday, October 15, 2020. Macroeconomic performance and outlook Real GDP grew at an estimated 0.7% in 2019, down from 0.8% in 2018, and is projected to rise to 1.1% in 2020 and 1.8% in 2021 amid domestic and global downside risks. Ensure you can say I buy verified, SPONSORED: I can get thought leadership on AgriBusiness and Renewable Energy, Mthokozisi Ntumba: Police officers remanded in custody, Biden warns US may miss deadline to exit Afghanistan, WATCH: Zondo Commission hears Prasa-related evidence, Guardiola admits pressure to win Champions League at Man City. 4th November 2020 4th November 2020 by Jarryd Neves How has Covid-19 really affected the SA economy? The GDP growth between October and December was driven mainly by a boom in the manufacturing and trade sectors, said StatSA. Car … This page has economic forecasts for South Africa including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the South Africa economy. © 2020 eNCA, an eMedia Holdings company. RELATED: 'It could take SA until 2025 to resume level of economic activity … According to the report: “On current policies, [IMF] staff projects a lacklustre growth recovery from an estimated 0.4% in 2019 to 0.8% in 2020 and 1.5% in the outer years.” IMPACT OF COVID-19: As of December 1, 2020, 21,644 deaths had been attributed to the pandemic in South Africa, and the economy was forecast to contract by 8.0 percent for the year. Stats SA’s Gross domestic product (GDP) release for the fourth quarter of 2020 (October–December) concludes the series for the year, providing a sobering overview of 2020. We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library. In annualised terms, the statistics agency's preferred measure, third-quarter growth reached 66.1-percent, after falling back by 51.7-percent between April and June. Agriculture contracted 4.8% and mining 1.7% in 2018. In his supplementary budget, presented virtually to Parliament on Wednesday, Finance Minister Tito Mboweni said the economy has suffered a huge blow and that it will contract by 7.2% in 2020. 9 … Figures by Statistic South Africa indicate that Gross Domestic Product (GDP) fell as a result of significantly low production output in the mining, manufacturing and construction industries. Third and fourth waves of the Covid-19 pandemic are expected this year, and much of the recovery depends on the pace and scale of the vaccine rollout. SA caught between economic and biological disaster The country is in a depression, not a recession, analysts say, with our economy broken. The government imposed a strict lockdown in late March to stymie the rising virus cases, but it also stifled the economic outlook. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. PHOTO: HP Audit All three of South Africa’s economic sectors grew in the fourth quarter of 2020 with the economy growing by 1.5% quarter-on-quarter on a non-annualised basis. South Africa’s economy has shrunk by 51% in the second quarter of 2020. However, it is the most industrialized, technologically advanced, and diversified economy on the African continent. JOHANNESBURG - South Africa's economy recorded its first annual contraction in 11-years in 2020 due to the pandemic but it extended its rebound in the last quarter, official data showed Tuesday. JOHANNESBURG - South Africa's economy recorded its first annual contraction in 11-years in 2020 due to the pandemic but it extended its rebound in the last quarter, official data showed Tuesday. Receive daily sector news alerts. JOHANNESBURG - Stats SA announced on Tuesday that the economy grew by 1.5% in the fourth quarter of 2020, giving an annualised growth rate of 6.3%. South Africa's economy grew by an annualized 6.3% in the fourth quarter of 2020, following an upwardly revised 67.3% advance in the July-September period and easily beating market expectations of a 5% rise, largely due to the further easing of lockdown restrictions. Please enter the email address that you used to subscribe on Engineering News. This gives an annualised growth rate of 6,3%. The South African economy contracted by 7% during 2020, as expected given the unprecedented impact of the Covid-19 pandemic on economies worldwide. Economic growth in SA has … To advertise email advertising@creamermedia.co.za or click here, Engineering News is a product of Creamer Media.www.creamermedia.co.za, Other Creamer Media Products include:Mining WeeklyResearch Channel AfricaPolity, Sign up for our FREE daily email newsletter Statistics South Africa (Stats SA) on Tuesday released the 2020 fourth quarter and full year GDP results. Email advertising@creamermedia.co.za, Africa Wire, Cable & Tube Conference Preview, Constructional Engineering Association (CEA), Corrosion Control, Coatings and Tribology, Electrical Power Generation and Transmission, Lifts, Escalators and Passenger Conveyors, Local Southern African Manufacturing Expo, Motors, Drives and Mechanical Power Transmission, SA Capital Equipment Export Council (SACEEC), SA Institute of Civil Engineering (SAICE), Temperature, Pressure and Process Control, Testing, Inspection & Certification Services, Vessels, Heat Exchangers, Tanks and Containers, Water Treatment, Purification and Desalination, NCPC (National Cleaner Production Centre), Sign up for our FREE daily email newsletter. Africa's most industrialised nation has counted more than 1.5-million cases of COVID-19 of which slightly over 50,000 have been fatal, representing nearly half of the total deaths on the continent. 3. Economists had expected fourth quarter growth to be slightly subdued compared to the previous quarter. Countries like China and Turkey continued to grow despite the global pandemic, but the vast majority of economies contracted last year. All rights reserved. No claims are made regarding the accuracy of South Africa Economy 2020 information contained here. Statistics South Africa (Stats SA) on Tuesday released the 2020 fourth quarter and full year GDP results. South Africa’s 7% GDP slump was among the worst – although the UK (-9.9%), Philippines (-9.5%), Italy (-8.9%), France (-8.3%), and India (-8%) took bigger hits. To access earlier articles, click Advanced Search and set an earlier date range.To search for a term containing the '&' symbol, click Advanced Search and use the 'search headings' and/or 'in first paragraph' options. 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