GDP diagram. Photo: Twitter.

Home » Agriculture Bucks Trend as SA GDP in Worst Fall Since 1960

Agriculture Bucks Trend as SA GDP in Worst Fall Since 1960

Gross domestic product for South Africa fell by just over 16 percent between the first and second quarters of 2020, giving an annualised growth rate of ‑51 percent, according to figures released today by Stats SA. The one sector to see good growth (15 percent) was agriculture. [Thread]Steep slump in #GDP as #COVID19 takes its […]

By SAPeople Staff Writer
08-09-20 19:32
in Business
GDP diagram. Photo: Twitter.

Gross domestic product for South Africa fell by just over 16 percent between the first and second quarters of 2020, giving an annualised growth rate of ‑51 percent, according to figures released today by Stats SA. The one sector to see good growth (15 percent) was agriculture.

“Historical data from 1960, sourced from the South African Reserve Bank, show that the second quarter of 2020 experienced the biggest fall in GDP since that year, far steeper than the annualised 8,2 percent decline in the fourth quarter of 1982,” StatsSA said in a statement.

Owing to the months of lockdown, restaurants were down 99.9 percent, and alcohol and tobacco, 92.4 percent. Mining was down 73.1 percent and construction by just over 76 percent. Agriculture was the only sector that showed good growth, of 15.1 percent, while communication, owing to people contacting each other during lockdown, grew by 3 percent, according to StatsSA.