Eskom blackouts spark gory GDP slide
The economy contracted as expected in the second quarter, as it battled headwinds from inflation to floods and load-shedding
08 September 2022 - 05:00
After rebounding strongly on the relaxation of Covid restrictions in the first quarter, economic activity contracted outright in the second quarter, dragged down by severe load-shedding, floods and a prolonged mining strike. Rising inflation and interest rates are also taking their toll on the economy.
The economy contracted 0.7% q⁄q between April and June (seasonally adjusted) — falling between the Thomson Reuters consensus forecast for -0.8% q⁄q and the Bloomberg consensus forecast for -0.5% q⁄q. It was slightly better than the Reserve Bank’s forecast for -1.1% q⁄q...
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