South Africa’s economic confidence fell to a five-and-a-half year low in April, weighed down by expectations of slower growth, higher inflation and a longer cycle of tighter monetary policy, a poll showed on Thursday. The monthly survey of 20 economists showed the Reuters Econometer dived to 207,50 last month, its lowest since November 2002.
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.
South Africa’s new basket of producer price inflation stood at 10,4% year-on-year in January, official data showed on Thursday. Statistics South Africa said the headline number represented domestic output which measured 9,5% in December. On a monthly basis, PPI increased by 1%.
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/ 20 February 2008
Overwhelmingly positive or mediocre? Economists on Wednesday had a variety of impressions to share of Finance Minister Trevor Manuel’s national budget, tabled in Parliament earlier in the day. Colen Garrow, economist at Brait, said: "There was nothing in it for the embattled consumer."
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/ 19 February 2008
Brait economist Colen Garrow says that while the government’s inflation-targeting and exchange-control policies are overdue to be fine-tuned, it is unlikely that any tangible announcement will be made on Wednesday in Finance Minister Trevor Manuel’s budget speech.
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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%.
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/ 28 November 2007
South Africa’s targeted CPIX inflation rate quickened to 7,3% in the year to October from 6,7% in September, data showed on Wednesday, above forecasts. Statistics South Africa also said that the all-items consumer price index (CPI) increased by an annual rate of 7,9%, compared with 7,2% in September.