South Africa Economic Outlook
June 21, 2022
The economy returned to pre-pandemic levels as economic growth accelerated in the first quarter. The print was driven by increases in household consumption and exports of goods and services, although the pace of expansion eased for both. Activity seemingly began to worsen in the second quarter. Business conditions improved at a softer pace in April and May compared to the prior quarter, with activity disrupted by the devastating floods in the KwaZulu-Natal region. Business sentiment tanked further in the same two months. Furthermore, manufacturing production contracted at a six-month steep pace in April. Meanwhile, elevated inflation will have dented household spending. More positively, the war in Ukraine is buoying exports of coal to Europe, boding well for the external sector. Lastly, in mid-June the World Bank approved a USD 474 million loan to fund Covid-19 vaccine purchases.South Africa Economic Growth
The pace of economic growth is forecast to moderate this year. Adverse weather and power cuts are dragging markedly on activity, while the very high unemployment rate and rising inflation are denting household spending. The controversial employment quotas may exacerbate social tensions. Covid-19 remains a risk as well, due to a low vaccination rate. FocusEconomics panelists see the economy expanding 2.0% in 2022, which is up 0.1 percentage points from last month’s projection, and 1.7% in 2023.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: Manufacturing production records largest decrease in six months in April
June 9, 2022
Manufacturing output collapsed 5.4% month-on-month in seasonally-adjusted terms in April (March: +0.3% mom).
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South Africa: GDP growth records quickest upturn since Q4 2020 in Q1
June 7, 2022
In the first quarter of the year, the South African economy returned to its pre-pandemic level.
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South Africa: Conditions improve at slightly stronger pace in May
June 3, 2022
The S&P Global Purchasing Managers’ Index (PMI) rose to 50.7 in May, up from April’s four-month low of 50.3.
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South Africa: SARB meets expectations and delivers fourth consecutive rate hike in May
May 19, 2022
At its 19 May meeting, the Monetary Policy Committee of the South African Reserve Bank (SARB) voted to increase the repurchase rate by a further 50 basis points, bringing it to 4.75%.
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South Africa: Inflation holds stable in April
May 18, 2022
Consumer prices increased 0.59% in April over the previous month, below the 0.99% rise recorded in March.
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