Business Maverick: Rand extends losses as sharper-than-expected Q4 GDP contraction signals start of deep recession

The gross domestic product read for Q4 2022 was simply a shocker, based on the expectations of economists who seem to have underestimated the impact that the surging levels of power cuts have been having on economic activity.

This followed Q3 growth of 1.8% – revised up from the initial 1.6% estimate – for a 2.0% rise in South African GDP for all of 2022, also much lower than expectations of about 2.5%. So, all the key economic sectors contracted, and for the record, there was no “growth” to drag lower.

Eskom !!!!

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