The Gross Domestic Product (GDP) of South Africa – a good measure of the health of the country’s economy – shrank slightly by 0.1% in the first quarter of 2024. In their review, TIPS said this economic volatility resulted, in part, from extraordinary fluctuations in world mining prices and shortfalls in South African infrastructure. The private sector has been quick to provide alternatives to Eskom and Transnet, mitigating the impacts on growth. In part, their struggles reflected the decline in Eskom and Transnet capacity over the previous decade. TIPS said that a sharp fall in manufacturing sales over the first quarter of 2024 contributed to slow overall growth.

Source: The North Africa Journal June 17, 2024 05:52 UTC