Economy of South Africa witnesses a rebound in Q3

As per data released by Statistics South Africa, The South African economy grew by an annualised rate of 66,1% in Q3 of 2020. Gross domestic product (GDP) grew by an estimated 13,5% in the third quarter, giving an annualised growth rate of 66,1%.1 This follows the significant slump of 16,6% (annualised: -51,7%) in the second quarter during the most restrictive months of the lockdown (April, May and June).  

Manufacturing, trade and mining were the biggest drivers of growth in the third quarter. The manufacturing industry rose at an annualised rate of 210,2%, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages. 

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