According to the SA Reserve Bank, real gross fixed capital formation contracted by 11.7% (q/q seasonally adjusted and annualised) in the first quarter of 2021 after the 14.9% y/y drop in 2020. In the second quarter of 2021, real GFCF showed some recovery (4.7% q/q saar) but remained virtually unchanged in the third quarter. The level of real gross fixed capital formation was 3.2% higher in the third quarter of 2021 than in the corresponding period of 2020, but still some 14% down on the average level recorded in 2019.
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