According to the latest StatsSA data release, real gross domestic product (GDP) decreased by 0.7% y/y in the second quarter of 2022. This means that in the post-pandemic period, only two consecutive quarters of positive growth have thus far been recorded. The devastating floods in KwaZulu-Natal and load shedding played significant roles in the decline which weakened an already fragile national economy that was starting to recover to pre-pandemic levels. Prior to the release, we have pencilled in a 0.2% growth rate for the 2nd quarter GDP and 1.7% for 2022 as a whole. However, these forecasts may now need to be downwardly adjusted.
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