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In what doesn't really come as a surprise, South Africa's GDP declined by -51% for the 2nd quarter of 2020 compared to the 1st quarter of 2020. As the Covid-19 pandemic and hard lockdown regulations hit the country's economy hard.
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South Africa's GDP plunges due to the Covid-19 pandemic
The quarter on quarter annualised growth rates (fancy speak for assuming growth in the industry from Q2:2020 over Q1:2020 continued for a full year) for the various sectors of South Africa is summarised below:
South Africa's economy plunged due to the impact of the Covid-19 pandemic and the hard lockdown (Level 5) and the slow and gradual unwinding of lockdown regulations over the last couple of months. While the number is extremely bad for South Africa's economy it was not unexpected. And South Africa's economy was in deep trouble before the Covid-19 pandemic. This pandemic just made South Africa's economic hardship so much worse. This is the fourth consecutive quarter that South Africa's GDP number has been negative.
- Agriculture/forestry and fishing: 15.1%
- Mining: -73.1%
- Manufacturing: -74.9%
- Electricity/water and gas supply: -36.4%
- Construction: -76.6%
- Trade (wholesale, retail and motor trade): -67.6%
- Transport: -67.9%
- Finance, Real Estate and business services: -28.9%
- Government: -0.6%
- Personal services: -32.5%
- Actual GDP for Q2:2020: -51%
South Africa's economy plunged due to the impact of the Covid-19 pandemic and the hard lockdown (Level 5) and the slow and gradual unwinding of lockdown regulations over the last couple of months. While the number is extremely bad for South Africa's economy it was not unexpected. And South Africa's economy was in deep trouble before the Covid-19 pandemic. This pandemic just made South Africa's economic hardship so much worse. This is the fourth consecutive quarter that South Africa's GDP number has been negative.