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Commenting on the GDP growth figures for the first quarter of 2023, NWU Business School economist Prof Raymond Parsons says:
‘The good news is that GDP growth of 0.4% in 1Q 2023, following on the revised -1.1% growth in 4Q 2022, has enabled the SA economy to avoid a technical recession, that is, two consecutive quarters of negative growth. Economic growth has become highly volatile in recent quarters, mainly as a result of more aggressive power outages and other economic headwinds. It is, therefore, a tribute to the resilience and adaptability of the private sector that at least a recession has been averted, given the adverse economic circumstances that needed to be navigated. The continued positive yet low fixed investment growth is also welcome and must be nurtured.

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Issued by NWU Business School economist Prof Raymond Parsons