Economists dial back full-year forecasts after GDP shrinks 0.7%
Contraction driven by power cuts, floods and strikes erodes first-quarter growth
06 September 2022 - 19:57
UPDATED 06 September 2022 - 23:17
Load-shedding, floods and industrial unrest drove SA’s economy to shrink back below prepandemic levels in the second quarter, with the economic growth rate for 2022 now expected to come in at less than 2% despite the government’s progress with structural reforms.
Stats SA reported on Tuesday that the economy contracted 0.7% quarter on quarter, offsetting the better-than-expected 1.7% first-quarter GDP (revised downwards from 1.9%)...
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