South African economy contracted by 1.5% in III quarter

According to official statistics, the GDP of the South Africa Republic in July-September of the current year decreased by 1.5% compared to the previous three months. During the first half of the year, the country experienced quarterly economic growth. However, already in the past three months until September, the economic recovery gave way to a recession, which was due to a sharp decline in industrial production and agriculture. A significant decrease in the quarter was also noted in the trade field. The negative effects of the coronavirus pandemic hit the South African economy hard. Currently, the country economic activity has decreased to the level of the first quarter of 2016, according to the statistics department of SAR. However, compared to July-September of the last year, GDP grew by 2.9%. At the same time, the maximum economic decline in the entire history of the country was noted in September 2020. The unemployment rate increased significantly, amounting to 34.9% in the last quarter. Unemployment, taking into account citizens stopped looking for a job, unregistered at the labor exchange, reached 46.6%.

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Arseny Kudrin

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