Business Drive

South Africa’s gross domestic product shrank by 1.3% in the fourth quarter of 2022, much more than was expected. Analysts had predicted a decline of just 0.4% and blamed the record blackouts for taking a significant toll on productivity. Seven of South Africa’s 10 industries experienced a decline in the last three months of 2022. The agriculture and mining industries were the most prominent victims, contracting by over 3%. Overall the South African economy grew by 2% in 2022 but is still well below the 5 to 6% target band that economists say will make a dent in the country’s 33% unemployment rate.