All Eyes on Statistics South Africa Today: Could SA GDP for Second Quarter Contract up to 48%?

Statistics South Africa releases the Gross domestic product for the second quarter of 2020, 8 Sept

Statistics South Africa to release the Gross domestic product (GDP) Q2 2020

Statistics South Africa (Stats SA) will release the results of the Gross domestic product (GDP) for the second quarter of 2020, at a media briefing to be held today Tuesday, 8 September 2020 from 11:00am.

The Challenges of the South African Economy have been made worst by the Corona Virus  (Covid-19). The Ramaphosa , administration have been trying hard to explore ways to salvage the struggling economy from 2019. This has been made worst by the outbreak of the Covid-19 pandemic that forced the SA economy like most of the world to lockdown economic activity for all of the second quarter except essential services as per the risks based Covid-19 response strategy. Major sectors of the economy including mining, manufacturing, aviation, tourism among others remained closed during this period.

It is estimated that the economy could see up to a 49% contraction in GDP figures for Q2 of 2020 due to the severe impact of the hard lockdown rules that were implemented from March 2020. While the economy struggles to balance the delicate combination of saving both lives and livelihoods, these remain unprecedented times for the SA economy and requires decisive leadership and the good will of all stakeholders to work together to take the economy out of this dire economic situation with many out of jobs and unable to feed their families or provide shelter and education for their loved ones.

All eyes will be on the Statistician general this morning. For more analysis, read our articles on comments on the second quarter GDP figures later today and tomorrow morning.

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