After a bumper third quarter, the South African economy contracted far more steeply than expected in the final quarter of the year, though it still managed to post growth of 2% for 2022 as a whole.

The 1.3% quarter-on-quarter (q/q) contraction in the final quarter of the year, against the Bloomberg consensus expectation for -0.4%, makes it likely that South Africa is in the midst of a technical recession (two quarters of negative growth). ..

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