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Economics Weekly 14 September 2018

Agribusiness confidence dropped 6.9 points in 3Q18, while business confidence lost 1 point. July manufacturing production increased 2.9% y/y while retail sales expanded a modest 1.3% and mining output plunged -5.2%


Economics Weekly 7 September 2018

The economy contracted by -0.7% q/q in 2Q18, confirming that the country entered a technical recession. The August Absa manufacturing PMI collapsed to 43.4 from 51.5.


Economics Weekly 24 August 2018

July inflation printed at 5.1% y/y from 4.6% in June, slightly ahead of our expectation of a 5% handle. Freight payload volumes contracted -3.3% y/y in June, while food and beverage income was up only 2.8% year-to-date in the same month.


Economics Weekly 10 August 2018

Manufacturing production was the only data of any consequence out this week, and June was another grim month for the sector, which expanded by a weak 0.7% y/y and 0.3% m/m.


Economics Weekly 13 July 2018

Mining production volumes remained in the doldrums in May, contracting -2.6% y/y compared to a fall of -4.4% and -8.5% in the two preceding months.


Economics Weekly 6 July 2018

South Africa registered its third consecutive trade surplus in May, which came in at R3.5bn. The budget balance for the month was disappointing, registering a deficit of -R17.7bn.


Economics Weekly 29 June 2018

The FNB/BER Civil Confidence Index gained 3 points to register a level of 15 in 2Q2018, but the figure is still the fourth lowest print in the 21 year history of the index.


Economics Weekly 8 June 2018

1Q18 GDP growth disappointed sharply, even against our bearish forecast of -1% q/q. Growth contracted -2.2% q/q and expanded just 0.8% y/y. It was not a great start to the second quarter for the manufacturing sector with April output ring just 1.1% y/y, and down -1.6% y/y on a seasonally adjusted basis.


Economics Weekly 25 May 2018

April headline inflation surprised on the low side, printing at 4.5% y/y, below our expectations of 4.8%. Core inflation, which strips out food and non-alcoholic beverages, fuel and energy accelerated to 4.5% y/y from 4.1% the previous month.


SARB to keep interest rates unchanged

24 May 2018: Following the South African Reserve Bank's decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10% and will review its position following the next SARB MPC meeting in July.


Economics Weekly 18 May 2018

South Africa's unemployment rate in 1Q18 was unchanged from 4Q17 at 26.7%. Of the 307,000 new entrants to the labour force, 206,000 were absorbed by the labour market and the labour force participation rate edged higher to 59.3% from 58.8% in 4Q17...


Week Ahead

  • Mediclinic (Full Year Results)
  • Barloworld (Interim Results)
  • Pioneer Food Group (Interim Results)
  • Rhodes Food Group (Interim Results)
  • TFG Retailers (Full Year Results)
  • Famous Brands (Full Year Results)


Economics Weekly 04 May 2018

The March trade balance returned a surplus of R9.4bn, reducing the year-to-date deficit to R18.3bn from February's -R27.7bn. It was an encouraging print which exceed consensus expectations, but with our view for accelerating domestic consumption, we expect import growth to pick up in the coming months...


Economics weekly 13 April 2018

Highlights in the South African economy, from manufacturing production to mining output, an overview of economic activity in Sub-Saharan Africa, a snapshot of the economy in the rest of the world and economic indicators for the weeks ahead.


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