GDP expectations from Nedbank may indicate that we are in a technical recession.
Deteriorating trading conditions exacerbated by severe load shedding in early 2023 may mean the economy entered a recession in the final quarter of 2022, says Nedbank.
“While load-shedding is mainly to blame, other downward pressure emanated from sticky inflation, exceptionally high food prices, and the sharp rise in interest rates.” “These paralysing disruptions hurt output and sales in all industries while driving up production costs across the board,” reported Nedbank.
“This is in line with the Bloomberg consensus forecast of -0.4%. From a sectoral perspective, high-frequency monthly data suggests that mining, electricity, and manufacturing output are set to contract on a quarterly basis,” the research firm said., economists, according to Bloomberg, found that there is a 68% chance that the country will see a further recession in the next 12 months.
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