South Africa’s economy at its worst in a century

By Prinesha Naidoo.(Bloomberg) -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, when output dropped by 11.9% during the two-year post-World War I recession, central bank data shows.GDP expanded an annualized 6.3% in the three months through December from the previous quarter, following a revised 67.3% increase in the three months through 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 annualized 6.5% quarter-on-quarter in 4Q.Household spending rose annualized 7.5%.Fixed capital formation grew annualized 12.1%.Agriculture industry rose annualized 5.9% quarter-on-quarter in 4Q.Mining fell annualized 1.4%.Manufacturing rose annualized 21.1%.Trade industry rose annualized 9.8%.Finance industry fell annualized 0.2%.Read also:President Ramaphosa: Our top priority – to fix SA economyPresident Ramaphosa's plan to restore SA economy – more jobs, less debt: Full statementJacob Zuma tells ANC top brass he's had 'unfair persecution and prosecution'

South Africa’s economy at its worst in a century

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