Absa sees local growth reaching 12.5%

Should Absa’s expectations be realised, the 12.5% growth will be the highest the country has recorded since 1989 when the economy expanded by 13.1%.

In a recent research note, the bank’s analysts attributed their estimates to a strong rebound trajectory over the first three quarters of the 2021 calendar year, in which the local economy expanded by a 'remarkable' 13.5% year-on-year. The growth was driven by a 33% surge in mining output and withstood the Delta COVID-19 wave, which affected the country between June and August.