South Africa’s GDP growth to expand 0.3% in 2023.

South Africa’s economy will grow a modest 0.3% this year, softened by a mild contraction this quarter, but will gain just enough momentum in coming quarters to avoid a recession, a Reuters poll predicted on Thursday.

However, electricity shortages have added a large uncertainty around forecasting currency moves and economic growth.

This quarter the economy probably contracted 0.7% in year-on-year seasonally adjusted terms, but a recovery of 0.5% was expected in the third quarter followed by 1.1% growth in the final quarter, the poll showed.

Gross domestic product (GDP) in Africa’s most industrialized economy expanded 2.0% last year and the most pessimistic forecast in the poll was for a 0.8% contraction this year, while the most optimistic expected a 0.9% expansion.


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