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The Current Account Deficit Deteriorated in the Second Quarter of 2013
SOUTH AFRICA · Report · 10 Sep 2013

Figures released today by the South African Reserve Bank (SARB) show that the current account balance deteriorated in the second quarter of 2013 (Q2 2013). The deficit on the current account increased from R190.9 billion in Q1 2013 to R216.2 billion in Q2 2013, partly due to weak export growth. A...

PMI Gains Momentum
SOUTH AFRICA · In Brief · 02 Sep 2013

The seasonally adjusted purchasing managers’ index (PMI) climbed from 52.2 points in July to 56.5 points in August 2013. This outcome paints an encouraging picture for manufacturing conditions in South Africa and correlates positively with recent gross domestic product figures.However, despite si...

Economic Growth Bounces Back in Q2 2013
SOUTH AFRICA · Report · 27 Aug 2013

According to official figures released today by Statistics South Africa, the inflation-adjusted gross domestic product (GDP) advanced in Q2 2013, recording 3.0% quarter-on-quarter on a seasonally adjusted and annualized basis (q/q saa). This follows a moderation from 2.1% q/q saa in Q4 2012 to 0....

Headline Inflation Rate Breaches the 6 per cent level
SOUTH AFRICA · In Brief · 21 Aug 2013

According to figures released today by Statistics South Africa, the headline inflation rate for July 2013 recorded 6.3 per cent year-on-year, a tad higher than the market’s expectation of 6.2 per cent. Given that the South African Reserve Bank (SARB) had anticipated the headline inflation rate to...

Vehicle Production Hits the Brakes
SOUTH AFRICA · Report · 19 Aug 2013

Workers in the South African vehicle industry embarked today on strikes due to a deadlock in wage negotiations between unions and employers. The performance of the vehicle industry has by and large been resilient during the first half of 2013. Also, vehicle sales grew by 7.5% in the year to July ...

Domestic Overhaul Needed to Level the Recovery Path
SOUTH AFRICA · Report · 16 Aug 2013

This week marks the first anniversary of a period of violence at Lonmin’s platinum mine in Marikana. One year on, instability still plagues the platinum belt. For instance, there have been sporadic bouts of killings in the area that are believed to be related to rivalry between the National Union...

Persistence in Labor Market Weakness
SOUTH AFRICA · Report · 30 Jul 2013

Robust and sustainable job creation remains a key economic challenge in South Africa. According to figures released by StatsSA, employment posted a 0.7% quarter-on-quarter increase in the second quarter of 2013, while unemployment rose by 2.6% q/q during the same quarter (Q2 2013). Against this b...

South Africa Reacts to Faltering Growth Momentum
SOUTH AFRICA · In Brief · 24 Jul 2013

An African National Congress (ANC) National Executive Committee (NEC) meeting resolved this week to set up a Presidential Task Team on the economy, with a view to arrest the faltering growth momentum. The South African economy has been bedeviled by the weak global economic environment as well as ...

South Africa Reacts to Faltering Growth Momentum
SOUTH AFRICA · Report · 24 Jul 2013

An African National Congress (ANC) National Executive Committee (NEC) meeting resolved this week to set up a Presidential Task Team on the economy, with a view to arrest the faltering growth momentum. The South African economy has been bedeviled by the weak global economic environment as well as ...

South African Economy: Weekly Review and Outlook
SOUTH AFRICA · In Brief · 19 Jul 2013

The South African Reserve Bank’s decision to leave the repo rate unchanged yesterday highlights the fact that monetary policy in South Africa has become largely dormant. With economic growth forecasts revised downwards – due to electricity supply constraints as well as other domestic and global f...

The Benchmark Interest Rate Remains Unchanged
SOUTH AFRICA · Report · 18 Jul 2013

Despite indications of increasing upside risks to the inflation outlook, the South African Reserve Bank (SARB) today opted to maintain the repo rate at 5.0% per year. The sluggish growth environment – with the inflation adjusted gross domestic product growing at a seasonally adjusted annualized r...

Muddling Along
SOUTH AFRICA · Forecast · 05 Jul 2013

Executive Summary We forecast economic activity in South Africa to remain hesitant over the medium- term with inflation adjusted gross domestic product growth recording 2.0 per cent in 2013 and 2.4 per cent in 2014. Although we expect the issue of job creation to feature prominently in political ...

The PMI Remains above the Critical Mark
SOUTH AFRICA · Report · 01 Jul 2013

The seasonally adjusted Purchasing Managers’ Index (PMI) nudged up to record 51.6 index points in June compared to 50.4 a month earlier (Graph 1 & Table 1). The modest rise in the headline outcome resulted mainly from monthly increases in the two heaviest weighted sub-components of the PMI – busi...

The Currency Account Deficit Tapers
SOUTH AFRICA · Report · 19 Jun 2013

According to the quarterly bulletin of the South African Reserve Bank (SARB), the deficit on the current account narrowed in the first quarter of 2013, an indication of a resurgence in export activity. Consequently, the ratio of the current account balance to the gross domestic product was-5.8% i...

Zooming in on Manufacturing
SOUTH AFRICA · Report · 11 Jun 2013

Executive SummaryA favorable performance of the South African manufacturing sector is indispensable for achieving robust and sustained domestic economic growth. This is evidenced by the fact that a poor performance of the domestic manufacturing sector largely contributed to a shocking Q1 2013 gro...

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