SA's real GDP decreased by 7% in 2020, according to Stats SA data
The indicators accompanied the release of the fourth-quarter GDP data, with an increase of 1.5% in the fourth quarter of last year.
JOHANNESBURG - Stats SA’s preliminary estimates show that the country’s real Gross Domestic Product (GDP) decreased by 7% last year - as compared to an increase of 0.2 % in 2019.
The indicators accompanied the release of the fourth quarter GDP data, with an increase of 1.5% in the fourth quarter of last year.
The impact of the COVID-19 restrictions on movement and business was detrimental to the economy’s performance last year.
Stats SA said the annual real GDP growth rate decline was primarily led by decreases in manufacturing, trade, catering, and accommodation, among others.
These are the same industries where GDP increased in the fourth quarter.
"A negative 7% growth of the year 2020 has seen all industries growing in the negative except government and perhaps agriculture," said Statistician-General Risenga Maluleke.
Meanwhile, agriculture, forestry and fishing increased by 13.1% last year.
Despite the annualized GDP increase in the fourth quarter of 2020, the year-on-year decline was recorded at 4.1%.