South Africa economy records unexpected growth

South Africa’s economy grew by a surprising 1.6 % in the third quarter of 2022.

The much larger than expected growth has surprised analysts and it comes amid continued power cuts.

This now means the size of Africa’s most industrialised economy is now back to pre-pandemic levels.

While the rolling blackouts continue to leave many in the dark, the South African economy has shown its resilience.

Eight out of 10 industrial sectors saw positive growth. With the biggest driver being the agriculture, forestry and fisheries sectors – which grew by over 19%.

Exports also saw a bumper rise in the third quarter, increasing by 4.2%.

The positive growth rate comes after a 0.7 % contraction in the previous quarter and this has surprised economists who were only expecting modest increase.

The expansion of the economy is welcome news to South Africans who have been experiencing record power cuts and the lingering effects of the KwaZulu-Natal floods.

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