South Africa’s economy contracts during Q2 2022

SOUTH AFRICA - Report 06 Sep 2022 by Iraj Abedian

South Africa’s quarter-on-quarter real GDP contracted by 0.7% during the second quarter of 2022, following the first quarter’s expansion of 1.7% q/q. Despite the recent quarterly contraction, real GDP in H1 2022 was still 1.4% higher than that of the corresponding period in 2021. Today’s GDP figure indicates that the South African economy is indeed faltering under the strain of numerous negative shocks — both global and local. More intense electricity supply disruptions during late June, the highly destructive floods in the KwaZulu Natal province as well as the protracted industrial action in the mining sector were the domestic shocks that largely weighed on growth during the second quarter.

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