South Africa’s economic growth rebounds at 1.6% in Q3 2022

SOUTH AFRICA - Report 06 Dec 2022 by Iraj Abedian

As expected, the South African economy rebounded from the second quarter’s contraction of -0.7% q/q to record a growth rate of 1.6% q/q during the third quarter of 2022. However, the rate of growth surprised on the upside. The expansion in the country’s real GDP came on the back of a recovery in activity following the devastating floods in the KwaZulu Natal province as well as the end of the protracted industrial action in the mining sector in the preceding quarter. Nonetheless, the disruptive electricity supply cuts (loadshedding) by Eskom continued into the third quarter, while industrial action at Transnet, South Africa’s state-owned logistics company, had a negative impact on exports.

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