S. Africa Virus-Hit Economy Shrank Most in 100 Years in 2020
- Economy contracted by 7% in 2020, statistics office says
- GDP grew annualized 6.3% quarter-on-quarter in fourth quarter
A pedestrian wearing a protective face mask crosses the street in Pretoria.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa’s economy contracted the most in a century in 2020 as restrictions to curb the spread of the coronavirus pandemic ravaged output and disrupted trade.
Gross domestic product shrank 7%, compared with a 0.2% expansion in 2019, according to a report released by Statistics South Africa Tuesday in the capital, Pretoria. That’s the biggest decline since 1920, yet the drop was smaller than what the National Treasury forecast in its annual budget last month.