Surprise growth in GDP will not bail out fiscus
While GDP growth is above consensus estimates at 0.6% in Q2 (up from 0.4% in Q1), the reading is reflective of the fragile economic environment. According to economists polled by Bloomberg, SA grew 1.9% in 2022 and activity will slip to just 0.3% in 2023. Steps to improve the power situation could see growth advance to 1.7% in 2023, IMF forecasts show.