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.

GDP shrank 7%, compared to a 0.2% expansion in 2019, according to a report released by Statistics South Africa on Tuesday. That’s the biggest decline since 1920, when output dropped by 11.9% during the two-year post-World War 1 recession, central bank data shows.

GDP expanded an annualised 6.3% in the three months to December from the previous quarter, following a revised 67.3% increase in the three months to September. The median estimate of 15 economists in a Bloomberg survey was for a 5.6% increase. GDP contracted 4.1% year on year in the fourth quarter, which means output is still down from 2019.

Other Key Points:

  • Expenditure on GDP grew at an annualised 6.5% quarter on quarter in Q4.
  • Household spending rose at an annualised 7.5%.
  • Fixed capital formation grew at an annualised 12.1%.
  • The agriculture industry rose at an annualised 5.9% quarter on quarter in Q4.
  • Mining fell at an annualised 1.4%.
  • Manufacturing rose at an annualised 21.1%.
  • The trade industry rose at an annualised 9.8%.
  • The finance industry fell at an annualised 0.2%.  — Reported by Prinesha Naidoo, (c) 2021 Bloomberg LP