S African economy hit 11-year low in 2020

11 March, 2021 12:00 AM printer

PRETORIA: South Africa’s economy recorded its first annual contraction in 11 years in 2020 due to the coronavirus pandemic but rebounded in the last two quarters, official data showed Tuesday.

The country’s gross domestic product (GDP) shrank by 7.0 percent in 2020 compared with a 0.2-percent expansion a year earlier, statistics agency StatSA said in a statement. The drop was “primarily led by decreases in manufacturing, trade, catering and accommodation,” it said.