South Africa’s economy registers moderate growth in Q2-2024, while electricity supply is more solid with over 5 months of no load-shedding

SOUTH AFRICA - Report 03 Sep 2024 by Iraj Abedian

South Africa’s quarter-on-quarter real GDP expanded by 0.4% during the second quarter of 2024. This was following the first quarter’s no change in GDP (i.e. GDP growth rate of 0.0%, which was upwardly adjusted from -0.1%). On account of the weak quarterly growth rates, real GDP in the first half of the year was only 0.4% higher than that of the corresponding period in 2023.

The country’s logistical issues remain a major hindrance to economic activity, while there was heightened uncertainty due to the May 29th general election’s outcome during H1-2024. Nonetheless, a marked improvement in electricity supply, logistics that are slowly recovering, and improved sentiment towards South Africa since the successful formation of the new government should support growth from Q3-2024.

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