South Africa’s gross domestic product saw an expected surge in growth between July and September this year. The country’s annual figures rose by 66.1 percent after the Covid-19 restrictions were uplifted.
The economy had in the prior three months recorded a contraction of 51 percent during the nationwide lockwide.
The Africa’s most industrious economy was in a major recession even before the pandemic hit and later on proceeded to a further contraction.
Compared with the same period a year earlier, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2.
This major growth was mainly recorded from manufacturing, trade, and mining.
However, the recovery remains vulnerable, with power shortages and slow structural reforms likely to weigh on sentiment.
Unemployment also remains low at 30 percent yet it needs 5 percent economic growth to guarantee jobs. But the current projected growth rate is expected to be -8 percent.