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South Africa recorded slight growth in the first quarter of 2023. Bucking the trend, Africa’s most industrialized country saw its GDP grow by 0.4% in the first three months of the year as against a decline of 1.1% in the last quarter of 2022
South Africa recorded slight growth in the first quarter of 2023. Bucking the trend, Africa’s most industrialized country saw its GDP grow by 0.4% in the first three months of the year as against a decline of 1.1% in the last quarter of 2022.
The manufacturing and financial industries led the growth on the supply side. Demand was driven in particular by exports. Growth exceeded analysts’ expectations, despite the major power cuts that continue to hinder activities.
The electricity crisis in South Africa has worsened since last year. Power outages reached a record 207 days in 2022, compared with 75 days in 2021. According to estimates by the Minister of Energy, the power crisis leads to more than US$50 million a day in lost production.
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Eight out of ten industrial sectors saw their activity increase in the first quarter, with only agriculture, electricity, gas, and water sectors declining. The mining sector is back on the rail after a disappointing end to 2022.
