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.
...