There were three positive economic surprises last week: GDP growth accelerated in the second quarter; SA’s purchasing managers’ index (PMI) ticked above the 50 neutral mark in August for the first time in six months; and both business and consumer confidence rebounded. 

Many had feared that with more intense load-shedding likely in winter, deteriorating confidence and high interest rates, the economy would contract in the second quarter like it did in the final quarter of 2022. That growth accelerated instead is encouraging. Many economists are revising up their 2023 growth forecasts and the word “resilience” is being bandied about. ..

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