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.

 

Full Statement Attached

 

Issued by NWU Business School economist Prof Raymond Parsons