GDP We’re doomed! No, saved! etc….
No, but seriously, some good news at last from the bearded sages over at StatsSA, who do a wonderful job of keeping us informed of the numbers that drive our lives. It turns out that our economy enjoyed a significant rebound in the third quarter of this year that we have no choice but to call 2020, a name that will live in infa…where were we? Ah, yes: GDP was up quarter-on-quarter by +13.5% in Q3, with the quarter-on-quarter annualised and seasonally adjusted growth rate at +66.1%, after a dive of -16.6% and -51.7%, respectively, in the second. So yes, admittedly, off a very low base, and sitting -7.9% behind for the year to date. Manufacturing was the star performer by a cobbler’s mile at an annualised +210.2% quarter-on-quarter, and trade breezing in, a respectable second, at +137.0%, with wholesale, retail and motor trade sales, supported by increased consumer spending, doing much of the running.
Comment: OK, much still to unpack. And the appropriate mood is not euphoria, we get that. But this is something, and a tribute to some solid fundamentals coming out of lockdown.