{"id":434691,"date":"2020-09-19T08:59:32","date_gmt":"2020-09-19T06:59:32","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=434691"},"modified":"2020-09-19T08:59:32","modified_gmt":"2020-09-19T06:59:32","slug":"sa-gdp-could-grow-by-45-2-in-the-third-quarter","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/434691\/sa-gdp-could-grow-by-45-2-in-the-third-quarter\/","title":{"rendered":"SA GDP could grow by 45.2% in the third quarter"},"content":{"rendered":"

South Africa\u2019s economy could expand by an annualized 45.2% in the third quarter, according to central bank forecasts.<\/p>\n

The monetary policy committee used that estimate for the quarterly change in gross domestic product at its meeting Thursday, when it left the benchmark interest rate unchanged, the Pretoria-based Reserve Bank said in an emailed response to questions.<\/p>\n

It will be the biggest quarterly increase in at least 30 years and follows a record annualized quarter-on-quarter contraction of 51% in the three months through June.<\/p>\n

The median estimate of 26 economists in a Bloomberg survey is for an expansion of 35.3% in the third quarter.<\/p>\n

\"\"<\/a><\/p>\n

A nationwide lockdown that\u2019s been in place for six months pushed Africa\u2019s most-industrialized economy into its longest recession in 28 years.<\/p>\n

The restrictions were gradually eased from May 1, allowing the phased reopening of some businesses and sectors, and will move to the lowest alert level 1 next week, with international borders re-opening on Oct. 1.<\/p>\n

While there is \u201ca lot of uncertainty about the recovery\u201d and progression of the coronavirus pandemic, the central bank\u2019s latest forecasts \u201cincorporated the right assumption\u201d about the move to lockdown alert level 1, it said.<\/p>\n

The inflation-targeting bank halted its easing cycle even as it announced lower full-year GDP and price-growth forecasts.<\/p>\n

The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said.<\/p>\n

That\u2019s because it happened in quick succession and the transmission was slow because of lockdown restrictions that halted most economic activity.<\/p>\n

The central bank sees the economy contracting by 8.2% this year. The median estimate in a Bloomberg survey is for an 8.5% decline.<\/p>\n

\n

Read: South Africa\u2019s economy likely worse than forecast: Mboweni<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s economy could expand by an annualized 45.2% in the third quarter, according to central bank forecasts.<\/p>\n","protected":false},"author":59,"featured_media":432080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-434691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/434691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=434691"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/434691\/revisions"}],"predecessor-version":[{"id":434695,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/434691\/revisions\/434695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/432080"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=434691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=434691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=434691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}