South Africa’s economy rebounded in Q3 2020

South Africa’s GDP rebounded in Q3 2020 following the easing of COVID-19 lockdown restrictions, growing in real terms by a seasonally adjusted 13.5% q/q following a decline of 16.6% q/q in Q2 2020. This led to a y/y decline of 6%, which represented an improvement on the 17.5% y/y fall in Q2 and led to a year average contraction of 7.9% for the first nine months of 2020.

This led to a y/y decline of 6%, which represented an improvement on the 17.5% y/y fall in Q2
Although all of the main sectors contributed to GDP in Q3, the economy was supported predominantly by the resumption of activity in the manufacturing, mining and trade, catering and accommodation sectors, which was underlined by unprecedented triple-digit seasonally adjusted annualised growth rates following the slump in Q2.