{"id":59048,"date":"2024-01-06T09:19:27","date_gmt":"2024-01-06T09:19:27","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp"},"modified":"2024-01-06T09:44:25","modified_gmt":"2024-01-06T09:44:25","slug":"durban-port-woes-hit-2023-gdp","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp","title":{"rendered":"Durban port woes hit 2023 GDP"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s Durban port crisis will likely have a significant negative impact on the country\u2019s economy in the fourth quarter of 2023.<\/p>\n

This is according to the S&P Global South Africa PMI, which recorded a steeper downturn in activity across the private sector economy in the final month of the year.<\/p>\n

This came as firms signalled a greater impact from the port crisis in Durban on supply chains, inventories, output and demand.<\/p>\n

Notably, delivery times lengthened at the sharpest rate in close to two years, contributing to a solid decrease in new order inflows and the sharpest reduction in output since May.<\/p>\n

S&P Global Market Intelligence senior economist David Owen said the Durban port crisis \u201chad a destabilising impact on the South African economy in December\u201d.<\/p>\n

In November, a maritime gridlock at South African ports kept nearly 100 vessels waiting to dock as Transnet struggled with breakdowns and bad weather.<\/p>\n

In December, the S&P Global South Africa PMI slipped back below the 50.0 neutral mark to 49.0 as output levels were forcibly cut by companies facing supply hold-ups.<\/p>\n

Owen said firms also reported the quickest decline in new business for almost a year as client spending power remained noticeably weak.<\/p>\n

\u201cWith the decline in supplier performance worsening, the latest survey data suggests that delivery delays are at a level that has been rarely exceeded during pre-Covid times,\u201d he said.<\/p>\n

\u201cThis indicates that the port gridlock will further dent the economy at the start of 2024 as businesses face greater shortfalls in input supply.\u201d<\/p>\n

He said load-shedding is also expected to remain an issue after electricity outages reportedly hit output and sales in December.<\/p>\n

\u201cOn the plus side, inflationary pressures have appeared to subside, with purchase price inflation falling to the lowest in three years, and output price pressures concurrently easing from levels recorded earlier in 2023,\u201d he said.<\/p>\n

\u201cThe slowdown should help to restore a degree of business and consumer confidence as long as the port gridlock does not cause material prices to rise.\u201d<\/p>\n

Minerals Council South Africa chief economist Hugo Pienaar said this is the first indication of the hit to South Africa\u2019s economy from the Durban port woes.<\/p>\n

\u201cBottom line: Don\u2019t expect much recovery in Q4 2023 from Q3 real GDP contraction,\u201d he warned.<\/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 Durban port crisis will likely have a significant negative impact on the country\u2019s economy in the fourth quarter of 2023. This is according to the S&P Global South Africa PMI, which recorded a steeper downturn in activity across the private sector economy in the final month of the year. This […]<\/p>\n","protected":false},"author":84,"featured_media":59047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-59048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nDurban port woes hit 2023 GDP - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s Durban port crisis will likely have a significant negative impact on the country\u2019s economy in the fourth ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Durban port woes hit 2023 GDP\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s Durban port crisis will likely have a significant negative impact on the country\u2019s economy in the fourth ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-06T09:19:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-06T09:44:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704521601.775803.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Durban port woes hit 2023 GDP\",\"datePublished\":\"2024-01-06T09:19:27+00:00\",\"dateModified\":\"2024-01-06T09:44:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\"},\"wordCount\":396,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704521601.775803.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/durban-port-woes-hit-2023-gdp\",\"name\":\"Durban port woes hit 2023 GDP - 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