{"id":26975,"date":"2022-03-08T17:12:08","date_gmt":"2022-03-08T17:12:08","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=26975"},"modified":"2022-03-08T17:08:27","modified_gmt":"2022-03-08T17:08:27","slug":"sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels","title":{"rendered":"SA economy grew by 1.2% in fourth quarter, still not back to pre-unrest levels"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s economic growth was slightly stronger than expected in the fourth quarter of 2021, with real gross domestic product (GDP) growing by 1.2%.<\/p>\n

Hit by the impact of July\u2019s civil unrest, the economy shrank by 1.7%. in the third quarter. Economists were expecting growth of around 1% in the fourth quarter.<\/p>\n

Agriculture, forestry and fishing saw the strongest growth (+12.2%) in the fourth quarter, with personal services, trade as well as manufacturing also driving growth.<\/p>\n

Statistics SA says good rains helped to boost agriculture activity.<\/p>\n

“(But) the country produced less iron ore and coal in the fourth quarter, with heavy rains disrupting operations at opencast mines.”<\/p>\n

Exports and household expenditure were among the most significant contributors to growth.<\/p>\n

But despite the growth in the fourth quarter, the economy is still smaller than in the second quarter of 2021, before civil unrest hit the country.<\/p>\n

The economy is also still smaller than it was in the first quarter of 2020, before the first pandemic-related lockdowns, Statistics SA says.<\/p>\n

The economy is set to reach pre-pandemic levels over the course of the second quarter this year and is likely to<\/p>\n

be back at the pre-pandemic trend by the December quarter, says Carmen Nel, Economist and Macro Strategist, Matrix<\/p>\n

Fund Managers. “Both these time<\/p>\n

estimates are sooner than was originally estimated at the height of the Covid<\/p>\n

pandemic and strictest lockdowns.”<\/p>\n

Statistics SA reported that the local economy grew by 4.9% in 2021, after shrinking by 6.4% in 2020.<\/p>\n

Bloomberg reports that this is the biggest increase since 2007, and beat the 4.8% median estimate of 29 economists in a Bloomberg survey.<\/p>\n

In 2021, mining (+11.8%) and agriculture (+8.3%) were the strongest growth sectors in the local economy.<\/p>\n

The construction industry shrank in 2021 for the fifth consecutive year.<\/p>\n

Sanisha Packirisamy, economist at Momentum Investments, expects South Africa’s economic growth to slow to 2% in 2022 and 1.8% in 2023.<\/p>\n

“The Ukranian crisis, in our view, is likely to have a reasonably limited effect on local growth given a rebound in the country\u2019s terms-of-trade and weak direct trade and investment linkages with Russia and Ukraine.”<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s economic growth was slightly stronger than expected in the fourth quarter of 2021, with real gross domestic product (GDP) growing by 1.2%. Hit by the impact of July\u2019s civil unrest, the economy shrank by 1.7%. in the third quarter. Economists were expecting growth of around 1% in the fourth quarter. […]<\/p>\n","protected":false},"author":84,"featured_media":26974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,251,140,275],"class_list":["post-26975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-economy","tag-gdp","tag-south-africa-2"],"yoast_head":"\nSA economy grew by 1.2% in fourth quarter, still not back to pre-unrest levels - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s economic growth was slightly stronger than expected in the fourth quarter of 2021, with real gross domest ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA economy grew by 1.2% in fourth quarter, still not back to pre-unrest levels\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s economic growth was slightly stronger than expected in the fourth quarter of 2021, with real gross domest ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-08T17:12:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/03\/img-62278d54578f5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SA economy grew by 1.2% in fourth quarter, still not back to pre-unrest levels\",\"datePublished\":\"2022-03-08T17:12:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\"},\"wordCount\":360,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/03\/img-62278d54578f5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"Economy\",\"GDP\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-economy-grew-by-1-2-in-fourth-quarter-still-not-back-to-pre-unrest-levels\",\"name\":\"SA economy grew by 1.2% in fourth quarter, still not back to pre-unrest levels - 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