Global growth forecasts have been revised to -4.4% in 2020 and 5.2% for 2021. The South African economy is forecasted to contract by -8.0% in 2020 by the IMF.
The South African economy expanded by 66.1% with manufacturing, mining and trade being the largest contributors to GDP growth.
The Eastern Cape provincial economy grew by 61.9%. However, the provincial economy is one of the four provincial economies with economic expansion below the national level (66.1%) in 2020Q3, namely: Gauteng (49.2%), Western Cape (57.7%), Eastern Cape (61.9%) and KwaZulu-Natal (62.8%).
The Eastern Cape GDP (at market prices) increased by R25 863 million in 2020Q3 to R227 912 million.