PODCAST | Q2 results are ‘frustratingly disappointing’, says PwC analyst
Mudiwa Gavaza is joined by Christie Viljoen, an economist at PwC
09 September 2022 - 18:21
by Mudiwa Gavaza
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An economic contraction in the second quarter of 2022 is the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Christie Viljoen, an economist at PwC.
Stats SA reported on Tuesday that the economy contracted 0.7% quarter-on-quarter, offsetting the better-than-expected 1.7% first-quarter GDP.
Viljoen says the decline was due to a number of factors such as electricity outages, inflation and the wide-reaching impact of the Russia-Ukraine war all working against the local economic outlook.
“Things are uneven. Some are doing well, some are not. There’s lots of uncertainty still,” he says. “With the negative, we also need to acknowledge the positives.”
He noted that certain industries such as hospitality are still picking up, though they have not fully recovered yet. The December holiday period will be important for helping get more operators out of the downturn.
Viljoen says businesses in sectors such as construction are struggling, with many infrastructure projects still being held off. In addition, costs for producers and manufacturers have risen with inflation.
Before this latest set of numbers, economists saw GDP coming in at about 2% for 2022. Viljoen expects growth to come in at roughly 1.8%.
Topics of discussion include: the latest GDP data from Stats SA; unpacking what the numbers mean for the country’s economic prospects; ways in which government and monetary policymakers could respond; and how business have fared in the current environment.
Business Day Spotlight is a MultimediaLIVE production.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Business Day Spotlight
PODCAST | Q2 results are ‘frustratingly disappointing’, says PwC analyst
Mudiwa Gavaza is joined by Christie Viljoen, an economist at PwC
An economic contraction in the second quarter of 2022 is the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Christie Viljoen, an economist at PwC.
Stats SA reported on Tuesday that the economy contracted 0.7% quarter-on-quarter, offsetting the better-than-expected 1.7% first-quarter GDP.
Viljoen says the decline was due to a number of factors such as electricity outages, inflation and the wide-reaching impact of the Russia-Ukraine war all working against the local economic outlook.
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“Things are uneven. Some are doing well, some are not. There’s lots of uncertainty still,” he says. “With the negative, we also need to acknowledge the positives.”
He noted that certain industries such as hospitality are still picking up, though they have not fully recovered yet. The December holiday period will be important for helping get more operators out of the downturn.
Viljoen says businesses in sectors such as construction are struggling, with many infrastructure projects still being held off. In addition, costs for producers and manufacturers have risen with inflation.
Before this latest set of numbers, economists saw GDP coming in at about 2% for 2022. Viljoen expects growth to come in at roughly 1.8%.
Topics of discussion include: the latest GDP data from Stats SA; unpacking what the numbers mean for the country’s economic prospects; ways in which government and monetary policymakers could respond; and how business have fared in the current environment.
Business Day Spotlight is a MultimediaLIVE production.
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