By CGTN Africa
South Africa’s economy expanded at its fastest pace in 14 years in 2021.
South Africa’s gross domestic product (GDP) increased by 4.9 percent in 2021, rising significantly from a low base following the COVID-19 pandemic and associated lockdowns and restrictions in 2020.
It was the largest increase since the 4.8 percent jump recorded in 2007.
Data released by Statistics South Africa show mining, agriculture and manufacturing recorded the highest growth rates in 2021, with finance, personal services and manufacturing the largest positive contributors to overall growth.
The construction sector didn’t fare so well, falling 1.9 percent in 2021. The drop marked the fifth consecutive year that construction declined.
GDP expanded 1.2 percent in the three months through December from the previous quarter, following a revised 1.7 percent contraction in the prior three months, according to Bloomberg.
The country’s finance ministry expects economic growth of 2.1 percent in 2022, a rate officials and economists have said is far below the level required to make a meaningful dent in unemployment and poverty.