South Africa's economy rebounds by 66.1% in Q3

The latest GDP data has just been released and as expected, the third quarter of this year saw a rebound after a major contraction in the second quarter. eNCA business anchor, Rofhiwa Madzena provides more details in the video above. Courtesy #DStv403

JOHANNESBURG - The country’s gross domestic product saw an expected surge in growth between July and September this year.

It rose by an annualised rate of 66.1-percent after contracting by 51-percent during the lockdown in the prior three months.

Manufacturing, trade, and mining were the biggest drivers of growth as lockdown restrictions eased in the third quarter.

READ: South Africa's economy contracts by 51% in Q2

However, the recovery remains vulnerable, with power shortages and slow structural reforms likely to weigh on sentiment.

The country needs a growth rate of at least 5-percent to remedy its unemployment crisis.

But current projected growth for the year is expected to be minus 8-percent.

Source
eNCA

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