Economist says SA is still in deep water, despite latest GDP figures
Economist Dawie Roodt says although the third-quarter GPD figures are positive our country's economy remains in deep trouble and could take years to recover.
Stats SA revealed today that our economy grew by 13,5% between July–September this year it takes the annualised figure to 66.1%.
It says manufacturing, trade and mining were the top-performing industries.
Roodt who is the chief economist at the Efficient Group - says it's no surprise that the economy rebounded in the third quarter following the 51% contraction between May and June.
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He says the fourth quarter's figures won't be as good as Q3's. "The fourth quarter is probably going to report economic growth quite a lot lower than the third quarter," he said.
Roodt says it is more important to rather look at what to expect in the year's economic growth and at this stage, it seems if the South African economy's going to contract between 8 and 10% for 2020 compared to 2019.
"So, in fact, the SA economy, although we are technically out of recession, we are still in trouble."
