{"id":36516,"date":"2022-09-06T10:20:20","date_gmt":"2022-09-06T10:20:20","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/just-in-sa-economy-shrank-in-second-quarter-hit-by-kzn-floods-load-shedding"},"modified":"2022-09-06T10:47:58","modified_gmt":"2022-09-06T10:47:58","slug":"just-in-sa-economy-shrank-in-second-quarter-hit-by-kzn-floods-load-shedding","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/just-in-sa-economy-shrank-in-second-quarter-hit-by-kzn-floods-load-shedding","title":{"rendered":"JUST IN | SA economy shrank in second quarter, hit by KZN floods, load shedding"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s economy shrank by 0.7% in the second quarter of 2022, Statistics SA said on Tuesday.<\/p>\n

This is slightly better than expected. The median expectation among economists polled by a Bloomberg survey was for a contraction of 0.8% in the second quarter.<\/p>\n

Economic activity in the manufacturing industry shrank by 5.9%, in part due to the impact of flooding in KwaZulu-Natal, which killed more than 400 people and wrecked infrastructure in April. Manufacturing is the largest industry in KwaZulu-Natal, accounting for a fifth of national manufacturing production, Statistics SA reported.<\/p>\n

The agriculture industry decreased by 7.7% in the second quarter, while the mining and quarrying industry shrank by 3.5%.<\/p>\n

Load shedding took a heavy toll on industries. South Africa was hit by power outages on more than half of the days in the second quarter, according to Bloomberg calculations.<\/p>\n

Higher interest rates also weigh on growth. So far this year, the Reserve Bank has hiked the repo rate four times – from 3.75% to 5.50%. More increases are expected in September and November.<\/p>\n

Added to that were the knock-on effects of the Ukraine invasion, particularly higher food and fuel prices.<\/p>\n

But the finance, real estate and business services industry continued to grow, rising by 2.4% in the second quarter.<\/p>\n

Real GDP for the first half of 2022 was 1.4% larger than in the same period in 2021.<\/p>\n

Last year, the South African economy grew by 4.9% as it started to recover from a 6.4% slump in 2020 due to pandemic-related lockdowns. The economy reaches its pre-pandemic size in the first quarter of 2022 \u2013 a year earlier than most expectations.<\/p>\n

But this recovery was short-lived. The 0.7% decline in the second quarter dragged GDP back below pre-pandemic levels.<\/p>\n

Six industries are not yet bigger than they were before the pandemic, with construction currently in the worst shape, says Statistics SA.<\/p>\n

The construction industry is 24% smaller than it was before the pandemic.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s economy shrank by 0.7% in the second quarter of 2022, Statistics SA said on Tuesday. This is slightly better than expected. The median expectation among economists polled by a Bloomberg survey was for a contraction of 0.8% in the second quarter. Economic activity in the manufacturing industry shrank by 5.9%, […]<\/p>\n","protected":false},"author":84,"featured_media":36515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8],"tags":[274,315,251,140,1977,275],"class_list":["post-36516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-economy","tag-gdp","tag-interest-rates","tag-south-africa-2"],"yoast_head":"\nJUST IN | SA economy shrank in second quarter, hit by KZN floods, load shedding - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s economy shrank by 0.7% in the second quarter of 2022, Statistics SA said on Tuesday. 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