Echoing the uncertain election mood, the South African economy shrinks in the first quarter of 2024

SOUTH AFRICA - Report 05 Jun 2024 by Iraj Abedian

Real quarterly GDP contracted by 0.1% in the first quarter of 2024. This was following an expansion of 0.3% q/q during the fourth quarter of 2023 and a contraction of 0.4% q/q in the third quarter of 2023. This latest GDP print showcases that the South African economy indeed started 2024 on an anemic note amid the country’s numerous structural issues, especially electricity and logistical constraints, while the overall insipid global economy is not helping matters. Meanwhile, the recent elections have added increased uncertainty in the economy. With a real GDP of R1 160 billion registered during Q1-2024, South Africa’s economy is still larger than it was pre-pandemic, but it is lower than its post-pandemic peak of R1 163 billion recorded in Q3 2022.

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