SOUTH Africa’s gross domestic product grew 1.2% in the last quarter of 2021, as the economy recovered from a contraction in the previous quarter caused by civil unrest in the country in July 2021 and stricter coronavirus lockdown regulations.
The reading means that Africa’s most developed economy’s annual growth rate for 2021 was 4.9%, Statistics South Africa said Tuesday.
Compared to a year earlier, the economy grew 1.7%.
The largest contributor to the improved quarterly growth was the agriculture, forestry and fishing industry, which Stats SA said expanded 12.2% compared with the third quarter.
The trade, catering and accommodation industry meanwhile, grew 2.9%.
South African Reserve Bank Governor, Lesetja Kganyago, said in January that the bank expects the country’s economy to grow 1.7% in 2022. The bank will meet again later this month.
- – MarketWatch
