Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » South African economy contracts marginally in third quarter

    South African economy contracts marginally in third quarter

    December 6, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *South African Rand.

    Pretoria — The South African economy recorded a minor contraction in the third quarter of this year as output fell in the agriculture, mining and construction industries, statistics agency data showed on Tuesday.

    The 0.2% contraction in quarter-on-quarter seasonally adjusted terms (ZAGDPN=ECI) was slightly larger than the 0.1% predicted by analysts polled by Reuters and followed two consecutive quarters of growth.

    The latest figures mean Africa’s most industrialised economy grew just 0.3% in the first nine months of the year.

    Joe de Beer, head of economic statistics at Statistics South Africa, said that almost all sectors of the economy were neither growing nor declining very much.

    “The economy has moved sideways, … the numbers are just oscillating around zero,” he said at a briefing in the capital Pretoria.

    In unadjusted year-on-year terms Q3 GDP contracted 0.7% (ZAGDPY=ECI), also worse than analysts’ prediction for a fall of 0.2%.

    Previously growth in expenditure was driven by private investment in renewable energy as businesses look to compensate for the state utility Eskom implementing the worst power cuts on record. However this has slowed.

    “In the second quarter there was a huge surge in imports of green energy-related products and that wasn’t sustained in the third quarter,” said de Beer.

    Jason Tuvey, deputy chief emerging markets economist at Capital Economics, said the big picture was that South Africa’s economic recovery from the COVID-19 pandemic had been among the worst in emerging markets.

    He predicted a modest pick-up in growth in 2024.

    “The drag from power cuts should start to ease as efforts to improve supply bear fruit. And, with the election looming, fiscal policy will probably be less restrictive,” he said, referring to upcoming national elections expected to take place in the first half of 2024.

    *Kopano Gumbi, Tannur Anders, editing: Alexander Winning & Frances Kerry – Reuters

    Related News

    FG strengthens partnership with Impact Investors to drive Nigeria’s economic transformation

    Nigeria’s export earnings hit N20.6trn in Q1 2025, outpacing imports

    Kenya central bank lowers 2026 growth forecast to 5.4%

    E-book
    Resilience Exhibition

    Latest News

    Nigeria reaffirms partnership with ILO on promoting social justice & decent work

    June 12, 2025

    NCDMB Executive Secretary becomes member of APPO Board

    June 12, 2025

    FG strengthens partnership with Impact Investors to drive Nigeria’s economic transformation

    June 12, 2025

    Nigeria secures commitment from Europe’s sole Nigerian crude refiner, Moeve Global

    June 12, 2025

    NCDMB backs women engineers, promises collaboration on STEM, capacity building

    June 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.