The South African economy contracts in Q3 2023

SOUTH AFRICA - Report 05 Dec 2023 by Iraj Abedian

Contrary to expectations for modest growth, the South African economy contracted by 0.2% q/q during the third quarter of 2023, following expansions during both quarters of H1 2023 (Q1: 0.4%; Q2: 0.5%). The contraction in the country’s real GDP came on the back of intensified headwinds domestically, especially as logistical constraints continue to significantly hamper domestic activity, alongside the still binding electricity supply shortages despite the general moderation in load-shedding. Effectively, these add considerable costs to production.

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