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: SARB slows down pace of tightening in January
January 26, 2023
At its 24–26 January meeting, the Monetary Policy Committee of the South African Reserve Bank (SARB) increased the repurchase rate by 25 basis points, bringing it to 7.25%.
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South Africa: Inflation continues its downward trend in December
January 18, 2023
Inflation fell to 7.2% in December, easing slightly from November’s 7.4%.
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South Africa: Manufacturing activity rebounds in November
January 10, 2023
Manufacturing output increased 2.0% in month-on-month seasonally adjusted terms in November, which contrasted October's 6.2% decrease.
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South Africa: Private-sector conditions improve marginally in December
January 5, 2023
The S&P Global Purchasing Managers’ Index (PMI) moderated to 50.2 in December, down from November’s 50.6.
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South Africa: Inflation drops to lowest level since June in November
December 14, 2022
Inflation dropped to 7.4% in November from October’s 7.6%.
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