- … Stats SA reported an annualised rate of -51% growth in the second quarter of 2020. JOHANNESBURG. December 8, 2020. The headlines almost wrote themselves as several media organisations rushed to report that South Africa’s economy … South Africa is at risk of seeing an economic growth rate of below 1.0% y/y this year as a number of structural problems remain unresolved. The economy rebounded strongly in the third quarter, growing at the quickest rate since current records began in the early 1990s, as the easing of coronavirus lockdown measures enabled the gradual firming of activity. The figures showed a steep drop in South Africa’s GDP. The International Monetary Fund (IMF) is the latest global finance group to cut South Africa’s GDP grow prospects for 2020, expecting meagre growth of 0.8%. Economists and analysts are not optimistic for South Africa’s growth prospects for 2020, with projections as low as 0.5% and the most optimistic at 1.0%. The Gross Domestic Product (GDP) in South Africa contracted 17.2 % YoY in Jun 2020, following a negative growth of 0.2 % in the previous quarter. However, not all areas of South Africa’s economy performed poorly in 2019. Under this scenario, Africa’s average GDP growth in 2020 would be cut by about five percentage points, resulting in a negative growth rate of −1.4 percent. This comes after a growth rate of likely below 0.5% y/y in 2019, not least due to substantial, periodic losses of electricity supply. Read more South Africa’s gross domestic product (GDP) grew by an estimated 13.5% in the third quarter, giving an annualised growth rate of 66.1%, Statistics SA announced on Tuesday. Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Jun 2020, with an average rate of 3.0 %. South Africa announced Wednesday that it has cut its economic growth forecast for 2020 by around half. GDP outlook for 2020. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 2020. Breaking: South Africa’s GDP plummets by 51% in second quarter of 2020 Statistics SA, has on Tuesday 8 September, reported a shockingly steep decline of the GDP due to the pandemic and lockdown. Here we assume that Europe and the United States continue to face significant outbreaks, while Asian countries face a surge of re-infection as they attempt to restart economic activity. By Professor Raymond Parsons Jan 1, 2020. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. OPINION: South Africa's economic outlook for 2020. South Africa: Economy rebounds robustly in Q3 amid easing of lockdown restrictions.
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