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A slew of data this week backs the case that South Africa’s economy contracted in the second quarter (Q2) and is probably sliding into recession. Spoiler alert: Stage 6 load shedding ain’t helping.
South Africa’s economy grew 1.9% on a quarter-on-quarter and seasonally adjusted basis in the first quarter (Q1) of 2022, data showed on Tuesday. This is welcome news – but the road to recovery in Africa’s most advanced economy remains strewn with potholes, literally and figuratively.
Sector recorded a stellar 20% job increase quarter on quarter, but it came off a low base.
South Africa’s unemployment rate fell to 34.5% in the first quarter of this year, from 35.3% in the fourth quarter of 2021, Statistics South Africa said on Tuesday. The best that can be said is that the number is at least moving in the right direction, but employment figures remain below pre-...
South Africa’s economy grew 1.2% in the fourth quarter (Q4) of 2021, broadly in line with expectations, for an annual expansion of 4.9%. After 2020’s 6.4% contraction, that leaves output levels still well below pre-pandemic levels, with plenty of headwinds to growth ahead.