South Africa: Government On Revised Upward Growth Outlook of South Africa From 2,8 Percent to 3,1 Percent for 2021

press release

Government welcomes the International Monetary Fund's (IMF) revised upward growth outlook of South Africa from 2,8% to 3,1% for 2021. The upgrade to South Africa's growth outlook affirms the robustness of our economy and positive economic interventions despite tough conditions.

The projected 3,1% growth follows a period where economic activity decreased by 7,0% in 2020 compared with 2019 due to the Coronavirus Disease (COVID-19) pandemic. Based on historical data, this is the biggest annual fall in economic activity the country has seen since at least 1946. Prior to the advent of the COVID-19 pandemic, economic activity in South Africa increased by 0,2% in 2019, following an increase of 0,8% in 2018. The annual real gross domestic product (GDP) growth rate of 0,2% in 2019 was primarily led by increased economic activity in finance, real estate and business services, as well as general government and personal services.

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