Sunday, 17 October, 2021

South Africa economy grows for Q4

PRETORIA: South Africa recorded a fourth consecutive quarter of economic growth between April and June, the national statistics agency said Tuesday, while warning the current quarter could be less rosy because of violent looting in July.

The continent's most industrialised country saw its gross domestic product (GDP) rise by 1.2 percent in the second quarter of 2021, following a 1 percent increase in the first quarter over the October to December 2020 period, reports AFP.

"Despite the gains made... the economy is 1.4 percent smaller" than before the coronavirus pandemic, Statistics South Africa announced in a statement.

GDP plunged when authorities implemented a first hard lockdown in March last year, closing borders and shutting non-essential businesses for over a month.

Rolling restrictions have since continued to stifle economic activity, with a curfew and lockdown measures still in place as the country battles with a prolonged third coronavirus wave.

GDP "has seen consistent growth since that (March 2020) shock, but not enough to return to pre-Covid-19 levels," Stats SA said. "We're not out of the woods yet."