- PWC has released a report entitled ‘South Africa Economic Outlook 2023‘
Key content in the report includes:
- Employment creation: Jobs continue to rise as businesses show increasing resilience against electricity challenges.
- State of the South African consumer: Cloudy with a chance of interest rate cuts.
- Consumer sentiment: Shoppers respond favourably to special offers as their buying power continues to decline.
- Sustainability trends: Consumers are willing to pay more for goods that have a positive environmental impact.
South African employment increased by 784,000 jobs (5.0%) in the year ending 2023Q2. This substantial increase in employment contrasts with weak economic growth due to, amongst other factors, electricity load-shedding and supply chain disruptions. The strong increase in jobs over the past year is encouraging and reflects a growing resilience on the part of private business against the negative impacts of electricity outages. Furthermore, with Operation Vulindlela tracking a pipeline of 10,000 MW in private sector energy generation projects, the business activity and economic growth outlook for 2024 is also positive.
Download the full report HERE
Author: Bryan Groenendaal
