South Africa avoids a technical recession
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GUEST – Joe de Beer : DDG, Economic Statistics, StatsSA
South Africa’s gross domestic product (GDP) increased by 0.4% in the first quarter of 2023, ensuring the country to avoid a technical recession. StatsSA released South Africa’s GDP data on Tuesday, which showed marginal growth in the economy. This news follows the shock GDP decline of 1.3% in the fourth quarter of 2022 amid record levels of load shedding and a significant downturn in economic activity, which made many experts predict a technical recession. According to StatsSA, the manufacturing industry increased by 1.5% in the first quarter, contributing 0.2 of a percentage point to GDP growth.
South Africa’s gross domestic product (GDP) increased by 0.4% in the first quarter of 2023, ensuring the country to avoid a technical recession. StatsSA released South Africa’s GDP data on Tuesday, which showed marginal growth in the economy. This news follows the shock GDP decline of 1.3% in the fourth quarter of 2022 amid record levels of load shedding and a significant downturn in economic activity, which made many experts predict a technical recession. According to StatsSA, the manufacturing industry increased by 1.5% in the first quarter, contributing 0.2 of a percentage point to GDP growth.
