South Africa Economic Outlook
November 17, 2020
The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in the quarter. Meanwhile, business sentiment remained entrenched in negative territory in the same period, likely holding back capital spending. Turning to Q4, however, the manufacturing PMI returned to growth for the first time in 18 months, hitting an over two-and-a-half-year high amid improved demand dynamics. Moreover, despite a stubbornly high number of Covid-19 cases, authorities announced the reopening of borders to all international travelers on 11 November, in a bid to revive the ailing tourism industry. In other news, on 28 October, the government tabled its medium-term budget statement, reaffirming its commitment to fiscal consolidation and debt stabilization.South Africa Economic Growth
After this year’s projected contraction at the hands of Covid-19, the economy is seen rebounding in 2021 as domestic and foreign demand revive. That said, high unemployment and persistent electricity shortages are likely to weigh on growth, while frail fiscal metrics and a ballooning public debt stock pose additional risks. FocusEconomics panelists see the economy expanding 3.6% in 2021, which is down 0.1 percentage points from last month’s forecast, and 2.5% in 2022.South Africa Economy Data
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South Africa Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 8.26 | 0.29 % | Dec 31 |
| Exchange Rate | 13.98 | -0.21 % | Dec 31 |
| Stock Market | 0.1 | -0.44 % | Jan 06 |
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South Africa Economic News
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South Africa: Inflation increases in March
April 21, 2021
Consumer prices increased 0.68% over the previous month in March, mirroring February's reading.
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South Africa: Manufacturing activity declines at softer pace in February
April 8, 2021
Manufacturing output dropped 2.1% compared to the same month of the previous year in February, which was a less pronounced contraction than January's 4.2% decrease.
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South Africa: PMI rises marginally in March
April 7, 2021
The South Africa IHS Markit Purchasing Managers’ Index (PMI) ticked up to 50.3 in March, from February’s 50.2.
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South Africa: SARB on hold in March meeting
March 25, 2021
At its meeting on 25 March, the Monetary Policy Committee of the South African Reserve Bank (SARB) unanimously decided to hold the repurchase rate steady at its historic low of 3.50%, which was in line with market expectations. The decision came against a backdrop of subdued economic prospects for the short term and relatively contained price pressures.
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South Africa: Inflation hits eight-month low in February
March 24, 2021
Consumer prices rose 0.68% in February over the previous month, accelerating from January's 0.34% increase, marking the sharpest increase in prices since July 2020.
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