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🌏 An oil shock, not the chip trade, breaks South Africa's growth streak and splits EM policy
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🌏 An oil shock, not the chip trade, breaks South Africa's growth streak and splits EM policy

Macro Soup Newsroom Macro Soup Newsroom 4 min read

South Africa's economy contracted 0.2% quarter on quarter. The real driver isn't the AI chip trade: it's an oil shock now splitting emerging-market central bank policy across Chile, India, Brazil and Turkey.

Stats SA GDP growth infographic with three circles: quarter-on-quarter -0.2% seasonally adjusted, year-on-year 0.9%, and 6-month 1.4%.
Stats SA's Q2 2026 release ended a six-quarter expansion streak, with the 0.2% contraction coming in weaker than the Reuters consensus for a 0.1% decline. Source

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