South Africa’s economic performance in Q4 2022 was worse than expected.
After rallying in the third quarter of 2022, South African. Economists anticipated a decline of 0.4%.
As the finance, real estate & business services industry is the largest in the South African economy, the 2.3% decrease was the biggest factor behind the decline in GDP, subtracting 0.6 of a percentage point from GDP growth. Economic activity in the electricity, gas & water supply industry was hampered by lower levels of production and consumption of electricity – mainly due to load shedding – and water.
Transport, storage & communication made the largest positive impact, rising by 0.7% and contributing 0.1 of a percentage point to growth. This was mainly due to increased economic activity in passenger land transport, air transport and communication services.The shock GDP numbers for the quarter place South Africa on the precipice of a technical recession, with economists anticipating similar numbers for the first quarter of 2023.
Economists have warned that this is likely to have a dire effect on the economy, with conservative growth estimates for Q1 2023 pointing to a 0.4% decline. The South African economy grew for a second consecutive year, expanding by 2.0% between 2021 and 2022, from R4.50 trillion to R4.60 trillion. However, annual growth also undershot expectations – economists had pegged growth for the year at 2.3%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Breaking Down the BRIC Wall Between South Africa-U.S. RelationsAnalysis - Pretoria's global credibility hinges on a precarious balancing act between competing views on the international order.
Read more »
South Africa: Public Sector Strike to Go Ahead - South African News Briefs - March 6, 2023
Read more »
New entrants challenge the biggest African brands - IT-OnlineBrand Africa and Brand SA have unveiled new insights for 2022 Brand Africa South Africa’s Best Brands, based on the 12th annual Brand Africa 100: Africa’s Best Brands 2022 global rankings announced last year. While MTN, the overall most admired African brand, is also the most admired South African brand among all African consumers, challenger […]
Read more »
Africa: The United States Should Not Play Russia's Game in AfricaBlog - In the wake of reports of a Wagner Group plot in Chad, Washington should resist the urge to resurrect Cold War-era partnerships.
Read more »
Africa: The transformation of Africa starts with our girlsOpinion - "When you educate a girl, you educate a nation." This African proverb resonates with the values passed on to me by my parents and guides my determination to drive change in the region through the education and empowerment of girls and women.
Read more »
Africa: Tunisian Thriller 'Ashkal' Snags Top Gong At Africa's Fespaco Film FestTunisian director Youssef Chebbi won the coveted Stallion of Yennenga award at the biennial pan-African Fespaco film festival in Ouagadougou for his murder mystery oeuvre "Ashkal".
Read more »