The rebound comes after a 7.0% contraction last year and the latest median forecast of economists polled in the past week was 0.2 percentage points better than in last month's survey. Next year's growth was expected to slow to 2.4%.
The country's gross domestic product expanded by 1.1% quarter-on-quarter in the first three months of 2021 on a seasonally adjusted basis, after an expansion of 1.5% in the fourth quarter of 2020. "Importantly, like the second wave, this assumes a continued light touch from government on lockdown restrictions through the third wave," said Pienaar.
Statistics South Africa said in its latest GDP report that during periods of economic instability annualised readings can be misleading because they exaggerate growth rates unlikely to be repeated.
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