South Africa’s gross domestic product (GDP) shrank by 0.7% in the second quarter (Q2) of 2022, Statistics South Africa (Stats SA) said on Tuesday. This takes output back to pre-pandemic levels, a case of one step forward, two steps back.
South Africa’s economy briefly reached pre-pandemic levels of output in Q1 when the economy expanded on a quarter-on-quarter and seasonally adjusted basis by 1.7% — revised down from 1.9% previously — but the KZN floods in April and the surge in rolling blackouts combined to rain on that parade.
So, it’s a case of one faltering step forward and two steps back for an economy that simply cannot seem to catch a break. Mining output fell by 3.5%, hampered by rolling blackouts, a strike at Sibanye-Stillwater’s gold operations and bubbling social unrest. in August from 47.6 in July. This reversed two consecutive months of decline and brought the index back into positive territory. But its range is 0 to 100 and at 52.1, it is hardly shooting the lights out.
South Africa’s sluggish economic trajectory has been accompanied by surging inflation, which hit a 13-year high of 7.8% in July. But the peak may be near. The retail price of 93-octane and 95-octane petrol willThis is unlikely to stay the hand of the rate hiking cycle launched in November last year by the South African Reserve Bank , which has added 200 basis points to its key repo rate, bringing it to 5.50% and the prime lending rate to 9.0%.
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