South African private sector credit growth jumped to 22,62% year-on-year in March, knocking expectations of a slowdown in spending and hardening the case for more interest rates increases. Central bank data on Wednesday showed growth in demand for credit leapt from 20,79% in February, while M3 money supply growth edged higher to 21%.
Growth in demand for credit from South Africa’s private sector slowed to 20,79% year-on-year in February, lower than expectations and easing pressure for an interest-rate hike next week. The central bank said on Wednesday private sector credit extension slowed from a revised 23,06% year-on-year in January.
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/ 29 January 2008
South Africa’s critical electricity crunch has raised doubts over whether infrastructure can keep pace with an economic boom while the country prepares to host the 2010 Soccer World Cup tournament. South Africa is gripped by traumatic power cuts that have brought the mining industry, mainstay of the economy, to a halt.
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/ 16 January 2008
South African retail sales growth slowed to 0,2% year-on-year in November, the lowest in four years, as higher interest rates put a dampener on consumer spending. Statistics South Africa said sales growth slowed from an upwardly revised 1,9% in October, while in the three months to the end of November, sales increased by 1,2%.