KEY FINDINGS FOR THE FOURTH QUARTER 2020
• Global growth forecasts have been revised to -3.5% in 2020 and 5.5% for 2021. The South African economy is forecasted to grow by 2.8% in 2021 by the IMF.
- The South African economy expanded by 6.3% with manufacturing, trade and transport industries being the largest contributors to GDP growth.
- The Eastern Cape provincial economy grew by 9.3%. The provincial economy is one of the provincial economies with economic expansion above the national level.
- The Eastern Cape GDP (at market prices) increased by R2.1 billion in 2020Q4 to R230.3 billion.
- Provincial total gross value added (GVA) at basic prices amounted to R209 billion in 2020Q4.