South Africa Economic Outlook
January 25, 2022Incoming data for Q4 suggests that the economy regained momentum following Q3’s setback. In November, retail sales returned to growth in monthly terms, as did manufacturing production—which grew at the quickest pace in three months. Additionally, business confidence averaged higher in October–November than in Q3, boding well for investment. Still, the recovery could have faltered in the final month of the year, after the country reported the discovery of the Omicron variant in late November and several travel bans were imposed. In other news, the government announced its priorities for 2022 in early January, including tackling high unemployment levels and poverty rates, as well as combating corruption. Meanwhile, on 15 December, Fitch Ratings affirmed the country’s ‘BB-’ rating and upgraded the outlook to stable, highlighting the brisk economic recovery and a strong fiscal performance.
South Africa Economic GrowthEconomic growth will moderate markedly this year, following 2021’s projected rebound. Nevertheless, stronger capital spending growth and a continued expansion in private consumption will support activity. That said, the still-high unemployment rate and elevated public debt stocks pose downside risks to the outlook, as does lingering uncertainty over the pandemic. FocusEconomics panelists see the economy expanding 2.0% in 2022, which is down 0.1 percentage points from last month’s projection, and 1.9% in 2023.
South Africa Economy Data
5 years of South Africa economic forecasts for more than 30 economic indicators.
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South Africa Facts
|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
January 19, 2022
Consumer prices rose 0.57% over the previous month in December, picking up from the 0.49% increase seen in November.
January 11, 2022
Manufacturing output fell 0.7% in year-on-year terms in November, which was markedly softer than October's 8.5% decrease.
January 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) dropped to a five-month low of 48.4 in December from November’s six-month high of 51.7.
December 15, 2021
Consumer prices rose 0.49% in November over the previous month, accelerating from October's 0.24% increase.
December 9, 2021
Manufacturing output plunged 8.9% year-on-year in October (September: +0.7% yoy).