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South African Budget 2015: Two Cheers for the Minister’s Maiden Speech
SOUTH AFRICA · Report · 26 Feb 2015

Minister Nhlahla Nene presented his maiden Budget Speech yesterday in the midst of much “expected surprise”. His government faced a complex blend of domestic and international challenges. Personally, also, he had to take a stand, come out of the shadows of the previous two Finance Ministers under...

GDP’s Q4 2014 Outcome Fails to Lift Annual Growth
SOUTH AFRICA · Report · 24 Feb 2015

Statistics South Africa today reported that the inflation adjusted (real) Gross Domestic Product (GDP) increased notably at a quarterly, seasonally adjusted annualized rate of 4.1% in the last quarter of 2014. The outcome added two percentage points to the preceding quarter’s rate (see Graph 1). ...

How is the SA Economy Doing?
SOUTH AFRICA · Report · 19 Feb 2015

According to official figures released by Statistics South Africa, the unemployment rate dropped to 24.3% in the last quarter of 2014 from 25.4% in the preceding quarter. As good as the news seems, one should, however, be cautious in interpreting this outcome. The unemployment figures reported by...

President Zuma’s 2015 State of Nation Address
SOUTH AFRICA · Report · 13 Feb 2015

The run-up to President Zuma’s second State of Nation Address (SONA) since the start of his second term in office was nothing short of sensational – full of political anticipation and potential drama within the Parliament. The Economic Freedom Fighters (EFF), the second largest opposition party, ...

Repo Rate Unchanged on Improved Inflation Prospects
SOUTH AFRICA · Report · 30 Jan 2015

The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) left the repo rate unchanged at 5.75%. In acknowledging the continued weakness of the South African economy, Governor Lesetja Kganyago mentioned that the earlier emphasized interest rate normalization process will be pau...

Upbeat Confidence Likely to Face Some Correction
SOUTH AFRICA · Forecast · 15 Dec 2014

Executive SummarySouth Africa’s economic recovery faces a steep uphill on the back of structural blockages in the energy. Sporadic electricity supply during the last quarter of 2014 will in all probability sap some of the confidence exuded by firms in recent opinion surveys. Against this backdrop...

The Current Account Deficit Tapers Marginally
SOUTH AFRICA · Report · 08 Dec 2014

According to official figures released today by the South African Reserve Bank (SARB), the deficit on the current account narrowed by R5 billion to register R230 billion in the third quarter of 2014 – see Table 1. Table 1 Balance of payments on current account, South Africa, 2013 Q3 – 2014 Q3Note...

Economic Growth Improves in Q3 2014
SOUTH AFRICA · Report · 25 Nov 2014

According to rebased and re-weighted official figures released by Statistics South Africa, the inflation-adjusted gross domestic product (GDP) grew by 1.4% on a quarter-on-quarter (q/q) seasonally adjusted and annualized (saa) basis in the third quarter of 2014 (see Graph 1). This, after having n...

Economic Growth Improves in Q3 2014
SOUTH AFRICA · Report · 25 Nov 2014

According to rebased and re-weighted official figures released by Statistics South Africa, the inflation-adjusted gross domestic product (GDP) grew by 1.4% on a quarter-on-quarter (q/q) seasonally adjusted and annualized (saa) basis in the third quarter of 2014 (see Graph 1). This, after having n...

The Repo Rate Remains Unchanged
SOUTH AFRICA · Report · 20 Nov 2014

In his inaugural Monetary Policy Committee (MPC) address, South African Reserve Bank (SARB) Governor Lesetja Kganyago announced that the committee unanimously voted in favor of no change in the repo rate. Therefore, the repo rate remains at 5.75% per year (see Graph 1). Graph 1 Headline/Core Infl...

Labor Disunion and Fiscal Risks
SOUTH AFRICA · Report · 17 Nov 2014

The recent expulsion of the National Union of Metalworkers of South Africa (NUMSA) from the Congress of South African Trade Unions (COSATU) could be the harbinger of intense inter-union competition as well as an escalation in industrial relations instability in South Africa. As things stand curre...

SA Medium Term Budget Policy Statement
SOUTH AFRICA · Report · 23 Oct 2014

New Minister, Old Promises and Familiar Measures South Africa’s new Minister of Finance tabled his maiden budget policy in the midst of many competing expectations. The Minister faced an unenviable balancing act of reviving a faltering economy with GDP growth down to 1.4%, and ever-rising popular...

Hints of Stagflation
SOUTH AFRICA · Report · 11 Oct 2014

In September 2014, the Kagiso Purchasing Managers’ Index (PMI) recorded 50.7 index points; up from 49.0 points in August 2014. A reading above 50 points suggests a quickening in the tempo of economic activity. However, the headline September print of the PMI calls for caution as far as making a p...

New SARB Governor Announced
SOUTH AFRICA · In Brief · 06 Oct 2014

Today, President Jacob Zuma appointed Mr. Lesetja Kganyago as the 10th South African Reserve Bank (SARB) Governor with effect from 09 November 2014. Incumbent Governor Marcus’ term ends on 08 November 2014. Mr. Kganyago has been working as one of the SARB’s Deputy Governors since 2011. In his add...

SA Water Crisis: Self-made or Natural?
SOUTH AFRICA · Report · 01 Oct 2014

Over the past few weeks, Gauteng Province has experienced a new crisis, this time related to another key socio-economic infrastructure category, namely water availability. Hot on the heels of continued disruptions to power supply and rising costs of electricity over the past five years, the persi...

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