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Recent GDP growth outcomes exceed expectations despite record power outages

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  • Arnold Khoza
  • Mokgabiso Tshenkeng
  • Sumaiya Sidat Kgotso Morema

Abstract

Despite ongoing weakness, GDP growth has been unexpectedly higher during the first half of 2023 as the mining, manufacturing and finance sectors outperformed expectations. Meanwhile, on the demand side, better than expected growth from government expenditure and private sector gross fixed capital formation was realised. Better-than-expected growth outcomes can be ascribed to firms adapting to load-shedding; Eskom reducing its planned maintenance to improve generation capacity and relying more on its Open Cycle Gas Turbines; and increases in self-generating rooftop solar power and wind energy. This occurred amidst trading partner growth resilience. Looking ahead into 2024, GDP growth outlook remains weak, but risks to the outlook are still balanced.

Suggested Citation

  • Arnold Khoza & Mokgabiso Tshenkeng & Sumaiya Sidat Kgotso Morema, 2024. "Recent GDP growth outcomes exceed expectations despite record power outages," Occasional Bulletin of Economic Notes 11052, South African Reserve Bank.
    • Handle: RePEc:rbz:oboens:11052
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    File URL: https://www.resbank.co.za/content/dam/sarb/publications/occasional-bulletin-of-economic-notes/2024/recent-gdp-growth-outcomes-exceed-expectations-despite-record-power-outages-april-2024-01.pdf
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