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Economic Review of the Eastern Cape GDP Report 2020Q2

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Published - 26 Oct 2020
Sub Title:
GDP report 2020Q2
Category:
Statistical Analysis: Reports and Data
Author:
ECSECC
Date of Publication:
0/01/2020
Publisher:
ECSECC
Status:
2
KEY FINDINGS FOR THE SECOND QUARTER 2020 •Global growth forecasts have been revised to -4.4% in 2020 and 5.2% for 2021. While the South African economy is forecasted to contract by -8.0% in 2020 by the IMF. •The South African economy is stuck in recession after GDP contracted for the fourth consecutive quarter in 2020Q2 by 51.0%. Agricultural industry was the only with positive contribution to GDP growth on both national and provincial level. •Similarly, the Eastern Cape GDP contracted for fourth consecutive quarter in 2020Q2 by 47.4%, owing to the global health pandemic and lockdown restrictions. The economy was already in a bad shape before the COVID-19 outbreak.
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