South Africa’s economy could sink by 7.1% this year: World Bank. December 9, 2020. Rescue Teams Resume Search for Missing Plane in Indonesia, Indonesia Jet Broke Up When It Hit Sea, Not While Still in Air, Marriott Suspends Donations to Senators Who Opposed Vote Result, N.Y. Cases Slow After Record; New Strain in Japan: Virus Update, Japan Says It Found New Coronavirus Variant Similar to U.K. Strain. Much ink has been spilt in the analysis of Finance Minister Tito Mboweni’s recent supplementary Budget, in particular to the revised GDP growth estimate of -7.2% … Since moving back to Level 3 lockdown, South Africa has recorded a cumulative 1,113,349 cases of Covid-19 and 171,765 active cases, reported the NICD on … A nationwide lockdown that’s been in place for six months pushed Africa’s most-industrialized economy into its longest recession in 28 years. The median estimate of 26 economists in a Bloomberg survey is for an expansion of 35.3% in the third quarter. Consumer price index (CPI), Producer price index (PPI), Government finance: national and provincial government, Supply and use tables, Satellite accounts, Regional GDP, Gross domestic product (GDP), expenditure. Staff Writer 9 June 2020. Growth’s fundamentals are also improving, with a gradual shift from private consumption toward investment and exports. This followed a contraction of 0,8% in Q3. South Africa is a conducive destination for career development given postmodern working environments and huge industrialisation boom. South Africa Economic Outlook Macroeconomic performance and outlook Real GDP grew at an estimated 0.7% in 2019, down from 0.8% in 2018, and is projected to rise to 1.1% in 2020 and 1.8% in 2021 amid domestic and global downside risks. The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. Before it's here, it's on the Bloomberg Terminal. South Africa economic growth for 2018 was $784.75B, a 0.84% increase from 2018. due to electricity supply shortages. Gross domestic product   read more », Annual consumer inflation hit a seven-month high in October, driven largely by rising prices for food and non-alcoholic beverages. Overall, the South African economy grew by just 0.2% in 2019, according to Statistics South Africa (Stats SA). 1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. More. And 2020 is off to an unpromising start, with load shedding and the coronavirus extinguishing any hope of stronger growth. Have a confidential tip for our reporters? For the first time in a decade, investment accounted for more than half the The World Bank has become the first financial institution to downgrade SA’s 2020 economic growth forecast from 1.5% to 0.9%. Figure 1.13: Growth projections for South Africa and other EMDEs 21 Figure 2.1: Inequalities in 101 countries, 2013 25 Figure 2.2: South Africa’s polarization 26 Figure 2.3: South Africa's human opportunities, 2015 28 Figure 2.4: Inequality measurement over time 28 Figure 2.5: Labor market status and skills increasingly contribute to inequality 29 South Africa economic growth for 2018 was $790.44B, a 0.73% increase from 2018. South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth. The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. Economic disruption caused by the COVID-19 pandemic has pushed East Africa’s growth projection for 2020 down to 1.2 percent, a rate that outstrips other African regions and is forecast to rebound to 3.7 percent in 2021, according to the African Development Bank’s East Africa Regional Economic Outlook 2020. What Africa might need is its own Japan -- a pioneering country that can industrialize first, and then invest in the rest of the continent. Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter. The economy rebounded strongly in the third quarter, growing at the quickest rate since current records began in the early 1990s, as the easing of coronavirus lockdown measures enabled the gradual firming of activity. As government introduces new legislation to further support small, medium and micro-sized enterprises (SMMEs), recently released data from the 2019 Annual Financial Statistics (AFS) survey shows the growing role that small businesses play in the formal business sector. Ratings agency Moody’s has cut its 2020 growth forecast for South Africa to 0.7%, saying the economy remained stuck in low gear due to lacklustre private sector demand at home. South Africa Economic News. Growth for 2019 is now projected at 0.8%, half a percentage point lower than April’s forecast and unchanged from 2018, according to the bank’s October Africa’s Pulse report. Growth in West & Central Africa is expected to increase from 3.4% in 2019 to 3.7% next year, largely held back by a subdued economic performance by Nigeria due to some erratic and ineffective policy decisions. South Africa fell five places in the World Economic Forum’s Global Competitiveness Report 2018, to 67th out of 140 economies. Economy | December 24th 2020 New Covid-19 variant poses higher risks to South Africa The local mutation, dubbed 501.V2, is not the same as the UK’s new variant, which is … Urban economic growth in Africa: A framework for analyzing constraints to agglomeration. South Africa’s expected growth to 2020 All details will be kept confidential and is for the use of Stats SA only. Toward Inclusive Recovery to Stabilize Debt, Boost growth cut its economic growth for 2018 was $ 775.04B a. 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