Economy shrinks by 1.3% in Q4 of 2022

JOHANNESBURG - South Africa’s economy shrank by 1.3% in the last three months of 2022.

This after growing by 1.8% in the third quarter.  

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Overall the economy grew by 2% last in 2022.

Power cuts hit the major sectors, with seven industries including Mining, Agriculture, and Manufacturing declining.

Economists had expected a contraction following increased power cuts, a higher cost of living, and a failing logistics network.