Eskom crisis is tearing a hole in South Africa’s economy
crisis may have reduced the nation’s economic growth rate by as much as 3.2 percentage points last year and is likely to dampen output until at least early 2024, according to the central bank.
They started easing in May after South Africa managed to boost its generating capacity. That’s in part because of winter storms and the company’s decisions to scrap the post of chief operating officer and give individual plant managers more direct access to senior executives, a change Eskom chairman Mpho Makwana said has boosted morale.Governor Lesetja Kganyago has estimated the supply disruptions will cut two percentage points off output growth in 2023.
The central bank’s models estimate power cuts trimmed between 0.7 percentage points and 3.2 percentage points off the GDP growth rate in 2022, according to the authors. The outages also have repercussions for potential growth as, for example, machinery that would have operated for 24 hours a day has to shut down when load shedding is in effect, Van Rensburg and Morema said.Potential growth was estimated at about 0.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
All the EVs for sale in South Africa - Q3 2023 - TechCentralThese are all the electric cars available for sale in South Africa, along with their prices, range and performance figures.
Read more »
New MD for SAP in Southern Africa - TechCentralSAP has appointed Kholiwe Makhohliso to lead its Southern African operation, replacing Cathy Smith.
Read more »
DP World, Standard Bank eye South Africa import-export loans - The Africa Report.comLogistics giant DP World, which recently partnered with Standard Bank, is seeking SouthAfrica’s central bank authorisation for direct import-export lending in the country, says Sinan Ozcan, director at DP World Financial Services.
Read more »
Africa Live: South Africa's Zulu king denies being poisoned - BBC NewsEight bishops from South Sudan's Catholic Church have called for urgent intervention by the international community to help resolve the conflict in neighbouring Sudan. In a letter to S Sudan's govt, they said 'the way forward is a peace process not war'.
Read more »
Africa: The Global South Is On the Rise - but What Exactly Is the Global South?Analysis - The unwillingness of many leading countries in Africa, Asia and Latin America to stand with NATO over the war in Ukraine has brought to the fore once again the term "Global South."
Read more »
South Africa: 15 Killed in Eastern Cape Crash - South African News Briefs - July 04, 202315 Killed in Eastern Cape Crash - South African News Briefs - July 04, 2023 allafrica: SouthAfrica
Read more »