South Africa Economy Grows For Fourth Consecutive Quarter
Faizan Hashmi 15 days ago Tue 07th September 2021 | 04:30 PM
Pretoria, Sept 7 (UrduPoint / Pakistan Point News - 7th Sep, 2021 ) :South Africa recorded a fourth consecutive quarter of economic growth between April and June, the national statistics agency said Tuesday, while warning the current quarter could be less rosy because of violent looting in July.
The continent's most industrialised country saw its gross domestic product (GDP) rise by 1.2 percent in the second quarter of 2021, following a 1 percent increase in the first quarter over the October to December 2020 period.
GDP plunged when authorities implemented a first hard lockdown in March last year, closing borders and shutting non-essential businesses for over a month.
Rolling restrictions have since continued to stifle economic activity, with a curfew and lockdown measures still in place as the country battles with a prolonged third coronavirus wave.
"We're not out of the woods yet." Already in recession before the pandemic, South Africa took another blow in July when a deadly spree of unrest and looting flared after the jailing of ex-president Jacob Zuma.
The main drivers of this year's second quarter growth were transport and communications industries, personal services and trade.
South Africa's economy shrank seven percent last year because of the pandemic, its first annual contraction in 11 years.