Positive GDP growth in Q1-2022 as South Africa’s economy shows resilience amid increased global headwinds

SOUTH AFRICA - Report 07 Jun 2022 by Iraj Abedian

Real quarterly GDP grew by 1.9% in the first quarter of 2022. This was following a contraction of 1.8% q/q and an expansion of 1.4% q/q during the third and fourth quarters of 2021, respectively. However, today’s GDP print points to the South African economy's reverting to pre-pandemic growth patterns after 2021’s impressive growth rate of 4.9% as the economy was recovering from 2020’s steep decline of 6.3%. South Africa’s economy recovered to levels before the pandemic in the first quarter of 2022, with real GDP of R1,153 billion closer to Q4-2018’s real GDP of R1,152 billion (real GDP was lower, at R1,148 billion, during Q1-2020, i.e., just before the effects of pandemic set in).

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