Nedbank, one of South Africa’s big-six banking groups, estimates that GDP in the final quarter of 2022 shrunk 0.4%, saying South Africa likely entered a recession, following intensified rolling power cuts weighing on productivity. 💸
Nedbank fined R35 million for administrative shortcomingsSouth Africa’s power supply struggles have grossly dampened productivity across many sectors of the economy, with load shedding having been implemented every day since the end of October last year. In the last quarter of 2022, only two days were load shedding free.“On top of this, the hours per day without electricity increased dramatically, with 51% of Q4 at load-shedding stages 3 to 6.
“Greater predictability will allow industries to adjust their operations accordingly while adapting to off-grid measures of power generation. Even so, persistent and intensive power outages will continue to hurt output and drive operating costs sharply higher, eroding profits and forcing companies to seek savings elsewhere in their cost structures,” it said.Sadly, this could entail renewed restructuring, resulting in another wave of job losses in certain industries,” Nedbank said.
“Redirecting freight from rail to road and to other ports is associated with sharply higher costs, significant delays, and other challenges. Mining has further been plagued by criminality, including attacks on miners, community unrest, and illegal mining,” the bank said.
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.
Nedbank says SA likely entered recession in Q4 of 2022Nedbank, one of South Africa’s big-six banking groups, estimates that GDP in the final quarter of 2022 shrunk 0.4%, saying SA likely entered a recession, following intensified rolling power cuts weighing on productivity Moneyweb NtandoThukwana
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 »
Blast from the past: South African lawn bowlers have the Midas touch at world champsToday in SA sport history: March 6
Read more »
Soaring cost of potatoes drives up South African Shisa Nyama Index | BusinessThe Shisa Nyama Index suggests it’s going to be a tough 2023 for low-income earners in South Africa — which has an unemployment rate of 32.7% and power shortages that have resulted in rolling blackouts every day this year. | News24_Business
Read more »
South African GT series start year on the correct bang | The Citizen🏎️MercedesAMG and Lamborghini kick-started the SA GT series with an exciting bang💣 as they proved to be headlining entertainment with a champion win this year 🔥🔥 MotoringNews MotoringWorld TheCitizenMotoring Read the story
Read more »