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.
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.