The end of 2022 could not come fast enough for many people as the South African economy battled to shake off the Covid-hangover.☹️ Find out more here👇
ALSO READ:The Monetary Policy Committee of the South African Reserve Bank raised the repo rate by 25 basis points to 4% at its first meeting of the year in January and by another 25 basis points to 4.25% at its second meeting.
The economy rose to pre-pandemic levels by a staggering 3.0% year-on-year before the second quarter rolled around. However, the South African economy beat market expectations by rebounding in the third quarter, with real GDP once again restored to above pre-pandemic levels at 2.2%, with eight out of ten industries recording positive growth on a quarterly basis.
Although the Rand trundled along the whole year, it remained vulnerable to pressure and has weakened to levels last seen in 2020 due to intense power outages, and heightened global risk aversion.
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