South Africa Narrowly Avoids Recession | Business Edge | 09-06-23
Statistics South Africa has announced that the country’s gross domestic product grew by 0.4% during the first quarter of the year compared to the previous quarter, despite record levels of loadshedding and aggressive rate hikes.
This marginal growth means the country has avoided a technical recession, which would be two consecutive quarters of a shrinking economy.
Although the South African economy is now slightly bigger than before the Covid pandemic, it still remains below its peak in the third quarter of last year. The economy grew to R1.152 billion in the first quarter and is lower than the third quarter in 2022, when it was R1.161 billion.
Host: Tolulope Adeleru-Balogun
Guest: Johann Els, Chief Economist, Old Mutual Investment Group
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