South Africa Economic Outlook
May 21, 2019
In general elections held on 8 May, the ruling African National Congress secured a comfortable majority as had been widely expected by analysts, winning 58% of the vote. The result, although down from the 62% garnered in 2014, provides President Cyril Ramaphosa with a clear mandate to govern—raising expectations over his commitment to push through badly-needed structural reforms. The election comes against a rather downbeat economic backdrop. Although manufacturing output picked up in March, its average growth through the first quarter landed below that of the fourth quarter of 2018. This, coupled with businesses turning more pessimistic in the quarter, points to weaker dynamics within the private sector. Moreover, tepid retail sales growth through the first quarter, combined with higher unemployment and lower consumer confidence, hints that private consumption lost momentum. On the upside, the PMI returned to positive territory and hit a 10-month high in April, boding well for economic activity at the outset of the second quarter.South Africa Economic Growth
Economic activity should pick up some momentum this year but will nonetheless remain lackluster. Although fixed investment should recover gradually, private consumption is seen losing pace amid higher unemployment and inflation. In the near-term, policy uncertainty ahead of Ramaphosa’s state-of-the-nation address provides some downside risk for growth prospects. FocusEconomics analysts see growth at 1.2% in 2019, which is down 0.2 percentage points from last month’s forecast, and at 1.7% in 2020.South Africa Economy Data
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South Africa Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 8.39 | 0.29 % | Jun 13 |
| Exchange Rate | 14.89 | -0.21 % | Jun 13 |
| Stock Market | 0.7 | -0.44 % | Jun 13 |
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South Africa Economic News
South Africa: Business conditions deteriorate in May
June 12, 2019
In May, the Standard Bank Purchasing Managers’ Index (PMI) fell 1.0 point to 49.3 points.
South Africa: Manufacturing gains jump in April
June 12, 2019
Manufacturing output increased 4.6% year-on-year in April, up from a revised 1.3% increase in March (previously reported: +1.2% year-on-year).
South Africa: Load-shedding leaves South Africa’s economy reeling in Q1
June 4, 2019
South Africa’s economy slumped at the outset of the year, contracting sharply in seasonally-adjusted and annualized (saar) terms.
South Africa: SARB stays put as some policymakers mull rate cut
May 27, 2019
At its meeting ending 23 May, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) kept the repurchase rate unchanged at 6.75%.
South Africa: SARB stays put as some policymakers mull rate cut
May 23, 2019
At its meeting ending 23 May, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) kept the repurchase rate unchanged at 6.75%.
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