Nedbank warns of low GDP growth for 2023

Following an expected contraction of 0.4% in gross domestic product (GDP) in the fourth quarter of 2022 – which Statistics South Africa (StatsSA) is due to announce on Tuesday, March 7 – financial services firm Nedbank forecasts another 0.4% quarter-on-quarter contraction is to be expected for the first quarter of this year.

The bank explains that economic activity has been struck down by intense loadshedding, with the fourth quarter of 2022 having experienced only two days without loadshedding.