South Africa’s economy expanded by an unexpected 1.6% in the third quarter of 2022.
Analysts were surprised by the much larger-than-expected growth, which occurred in the midst of ongoing power outages. This means that the size of Africa’s most developed economy has returned to pre-pandemic levels.
While rolling blackouts continue to leave many people in the dark, South Africa’s economy has proven to be resilient.
Positive growth was seen in eight of ten industrial sectors. Agriculture, forestry, and fisheries were the biggest drivers, growing by more than 19%.
The third quarter saw a tremendous increase in exports of 4.2%. The positive growth rate has surprised economists, who were only anticipating a slight uptick, as it follows a 0.7% contraction in the previous quarter.
South Africans, who have been dealing with extreme power outages and the lingering consequences of the KwaZulu-Natal floods, are relieved by the economy’s expansion.
