South Africa’s economy expanded for the second straight quarter driven by the easing of Covid-19 lockdown restrictions, Statistics South Africa reported Tuesday.

Gross domestic product increased at an annualized rate of 6.3 percent after surging 67.3 percent in the third quarter.

Year-on-year, GDP was down 4.1 percent, following a 6.2 percent decrease in the third quarter.

Expenditure on real gross domestic product increased at an annualized rate of 6.5 percent in the fourth quarter as all expenditure components increased.

Household final consumption expenditure grew 7.5 percent and government spending advanced 1.1 percent. Gross fixed capital formation moved up 12.1 percent.

Changes in inventories in the fourth quarter contributed 4.0 percentage points to total growth. Net exports contributed -4.5 percentage points to total growth, mainly the result of a large increase in imports.

The overall GDP in 2020 dropped 7 percent after expanding 0.2 percent in 2019.

The material has been provided by InstaForex Company – www.instaforex.com

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