Stronger than expected growth shows resilience of South Africans
6 December 2022
ActionSA notes today’s announcement that the South African economy did not only avoid a recession but managed to exceed economists’ expectations in the third quarter by growing by 1.6%.
Even though the growth rate is better than expected, it is still far too low to be celebrated, especially since it came off a contraction of 0.7% in the second quarter.
With load-shedding, rampant corruption and crime, overly bureaucratic and restrictive regulations, logistical issues at Transnet and the ever-rising cost of inputs, fuel and consumer goods, South African businesses face an uphill battle.
However, today’s statistical release shows that South African businesses remain resilient, despite the ANC’s best efforts at destroying our economy. We can only imagine what our industries could achieve under the leadership of a caring and competent government.