Full Year 2021 Absa Group Ltd Earnings Call Transcript
Well, good morning, everybody, and thank you for joining us for Absa's 2021 results presentation. I'm going to start with the operating environment we faced during the period and give my perspective on our performance. And thereafter, Punki will unpack our numbers, following which I'll take you through our strategy refresh, focusing on sustainability. And at the end, I'll provide our guidance for 2022 and our medium-term targets, and then we'll take your questions.
At a headline level, the macroeconomic backdrop was better than we expected last year. As you can see, South Africa grew 4.9% last year, rebounding from the depths of the downturn of 2020. This growth is ahead of the 3% that we expected a year ago. On the production side, agriculture recovered strongly, while construction shrunk for the third consecutive quarter. It's worth noting that the fourth quarter real GDP was 1.7% below pre-pandemic levels.
South Africa's economic recovery has been uneven and remains incomplete. Its
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