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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 15 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 84%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

The rand extended its mounting losses against the dollar on Tuesday as data showed South Africa’s economy shrank 1.3% on a quarterly basis in the fourth quarter of 2022, much bigger than expectations of a 0.4% contraction. The surge in rolling blackouts...

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.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

Eskom !!!!

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 3. in BE

Belgique Dernières Nouvelles, Belgique Actualités