While South Africa’s Gross Domestic Product increased by a whopping 13,5% in the third quarter of 2020 (on a quarter-to-quarter, seasonally adjusted rate) is excellent news, it must be kept in mind that this comes off a very low base as recorded in the second quarter when lockdown wreaked havoc in our economy.
The second quarter saw a record decline of 51,7%, which means that there is still a long way to go before we see the production levels of before the Covid-19 pandemic struck.
If we compare the first three quarters of 2020 with the same period in 2019, real GDP actually decrease by 7,9% and the economy is still 5,8% smaller than at the end of 2019.
During hard lockdown UASA emphasised several times the damage done to the economy and the lives of ordinary workers. We are encouraged by the effect of the easing of the lockdown restrictions.
We do want a strong economy and work for our members and other South Africans, but we also reiterate the importance of playing by the rules, especially over the Festive Season when family and friends gather – please, wear your masks, wash your hands often and keep your distance from others.
For further enquiries or to set up a personal interview, contact Stan Mazhindu at 074 978 3415.