South Africa Economic Outlook
September 21, 2021
Economic growth picked up pace in Q2, largely due to a rebound in fixed investment and upbeat export growth. Turning to Q3, however, the improvement was seemingly setback, with retail sales and manufacturing output declining at marked rates in monthly terms in July. Moreover, business confidence ebbed in the same month, boding ill for investment, while the private sector PMI remained in contractionary territory for the second consecutive month in August. More positively, the vaccination campaign has continued to accelerate and infection rates have decreased, while on 27 August the U.S. shipped another batch of 2.2 million shots through Covax. These developments have allowed authorities to ease some restrictions, which should support activity ahead. Meanwhile, the government recently announced plans to introduce vaccine passports, in order to improve uptake of the jab amid skepticism over its efficacy.South Africa Economic Growth
GDP is set to rebound strongly this year from 2020’s pandemic-induced downturn, spurred by healthier investment and private consumption dynamics, while growth is projected to ease in 2022. An elevated unemployment rate, social unrest and frail public finances pose downside risks, while ongoing power shortages will add further pressure. FocusEconomics panelists see the economy expanding 4.4% in 2021, and 2.5% in 2022, which is unchanged from last month’s projection.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 rebounds in August
October 12, 2021
Manufacturing output expanded 1.8% in year-on-year terms in August, which contrasted July's 4.8% decrease.
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South Africa: PMI increases in September and conditions improve for first time in three months
October 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI) broke through the neutral 50-threshold for the first time in three months, rising to 50.7 in September from August’s 49.9, which signaled an improvement in business operating conditions compared to the month prior.
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South Africa: SARB keeps rate unchanged in September meeting
September 23, 2021
At its 23 September meeting, the Monetary Policy Committee of the South African Reserve Bank (SARB) unanimously voted to leave the repurchase rate unchanged at its record low of 3.50%--where it has been since July last year.
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South Africa: Inflation rises in August
September 22, 2021
Consumer prices increased 0.41% in August over the previous month, coming in below July's 1.08% increase.
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South Africa: Manufacturing activity records largest decline in six months in July
September 9, 2021
Manufacturing output slid 4.1% in year-on-year terms in July, which markedly contrasted June's 11.9% increase.
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