News


Eastern Cape Socio-Economic Consultative Council

Eastern Cape economy declined by 1.3% in 2022Q4

Published: April 02, 2023

ECSECC has published its Eastern Cape Economic Review report for the Fourth Quarter of 2022. It presents the economic overview of the province. The report shows that the global economy is projected to grow by 2.9% in 2023, while South Africa’s economy is expected to grow by 1.2% in 2023.  In 2022Q4, South African economy shrank by 1,3%. The GDP fell below pre-pandemic levels. 

The energy crisis, rising cost of living, load-shedding, fiscal austerity, and climate change had adverse effects on the economic activities in the province. They depressed business investment and labour market prospects, eroded real wages, and pushed the economy more into informal sector. These economic shocks are presenting a high risk for the Eastern Cape economy. Should the negative growth persist in the next quarter, the country and the province will be in recession. 

In 2022Q4, the Eastern Cape economy declined by 1.3%. Agriculture, finance, trade, manufacturing, energy, and government were the main sectors that dragged the provincial economy down. However, while the economy underperformed in 2022Q4, about 20 000 jobs were gained in the province and unemployment rate declined by 0.3 of a percentage point to 42.1% in 2022Q4.







Top stories


Quality of 2024 Grade 12 Results bodes well for skills devel...
Published: January 16, 2025
The Chief Executive Officer of the Eastern Cape Socio-Economic Consultative Council, Mr Luvuyo Mosana has welcomed with excitement the Eastern Cape Grade 12 results of the Class of 2024. The Class of 2024 ...  READ MORE
ECSECC, a serial achiever of note
Published: December 13, 2024
The Eastern Cape Provincial Government has bestowed yet another Excellence Award to the Eastern Cape Socio-Economic Consultative Council for achieving a clean audit for the twelfth year in a row.  READ MORE
Searching...