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OPINION | Everything you want to know about GDP data explained

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Picture: iStock/ Coffeekai
Picture: iStock/ Coffeekai

The year 2020 will certainly go down as one of the wildest years in history.

In the second quarter (2Q) of 2020, many countries went into lockdown. A while later, we saw absurd GDP figures reported for that quarter – in the US, GDP was down 32.9% (revised to -31.7%), and South Africa's GDP dropped by a mindblowing 51%.

Did South Africa's economy really lose more than half its value in one quarter? The short answer is no. Nowhere close. In fact, the economy fell  "only" 16.4% in South Africa and 7% in the States.

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