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- The current state of the South African economy is characterized by weak growth performance1. The economy expanded by 0.4% in the first quarter of 2023, narrowly avoiding a recession2. However, increasingly severe domestic constraints and slowing global demand have led to GDP growth falling to just 0.6% in 20233. The outlook remains weakly positive, with projected GDP growth of 1.3% in 2024 and 1.6% in 20254.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Newly released data shows the South African economy grew by 0.4 percent between January and March this year. Crippling power cuts, volatile commodity prices and a challenging external environment have contributed to the country’s weak growth performance. By year-end, we project real GDP growth to fall sharply from last year.www.imf.org/en/News/Articles/2023/06/15/cf-south …After faltering in the fourth quarter of 2022, the South African economy expanded by 0,4% in the first quarter of 2023, narrowly avoiding a recession. 1 Eight of the ten industries grew in the first quarter, with manufacturing and finance, real estate & business services driving much of the momentum. On the downside, agriculture decreased sharply.www.statssa.gov.za/?p=16457Increasingly severe domestic constraints, alongside slowing global demand, led to GDP growth falling to just 0.6% in 2023, from 1.9% in 2022. Mining production contracted while manufacturing production edged higher, as load shedding and transport bottlenecks intensified.www.worldbank.org/en/country/southafrica/overviewSouth Africa is among the top 10 most unequal countries globally. Outlook and risks The outlook is weakly positive, with GDP growth projected at 1.3% in 2024 and 1.6% in 2025, as new infrastructure investments support construction and recovery of other sectors. Inflation is expected to moderate at 4.8% in 2024.www.afdb.org/en/countries/southern-africa/south-af…
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