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Tuesday, March 21, 2023

South Africa’s First-Quarter GDP Beats Expectations with 4.6% Growth

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A pickup in household spending and robust activity in South Africa’s mining and finance industries helped SA’s pandemic-battered economy grow a better-than-expected 4.6 percent in the first three months of 2021, marking a third-consecutive quarter of recovery.

Seasonally adjusted and annualised GDP rose 4.6% quarter on quarter, Stats SA said on Tuesday, better than the 3.2 percent expansion predicted by economists.

South Africa and Nigeria the two largest economies on the Africa continent have both exited a recession that was a result of the coronavirus pandemic.

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