In Q2-2023, the South African economy managed to record another positive growth result, yet households are struggling

SOUTH AFRICA - Report 06 Sep 2023 by Iraj Abedian

South Africa’s quarter-on-quarter real GDP expanded by 0.6% during the second quarter of 2023, following the first quarter’s increase of 0.4% q/q. While the 2Q GDP figure shows another positive increase, in a similar manner to Q1-2023, the magnitude of increase was low, which indicates the South African economy continues to struggle under the strain of ongoing global and local headwinds. Real GDP in H1-2023 was 0.9% higher than that of the corresponding period in 2022. While load-shedding, the main drag on South Africa’s growth, remains generally intense in 2023, it did ease significantly in June, which likely also contributed to Q2-2023 registering a slightly higher growth rate than Q1-2023.

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