Economic growth hits the wall amid crippling power cuts
Shocking GDP contraction in the fourth quarter is far worse than expected by economists
07 March 2023 - 12:27
UPDATED 07 March 2023 - 22:40
GDP “shocked” in quarter four, plummeting to levels last seen in the third quarter of 2021 at the height of the pandemic, as most major sectors contracted on the back of rolling power outages.
Stats SA data released on Tuesday shows that after rallying in the third quarter of 2022, GDP declined 1.3% in the fourth quarter following an upwardly revised 1.8% rise in the previous quarter. SA experienced a contraction revised down to 0.8% in the second quarter and downwardly revised 1.6% growth in the first quarter...
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