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/ 2 April 2008

February credit growth slows to 20,79%

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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/ 27 March 2008

February PPI ‘a shock to the system’

South Africa’s producer price inflation (PPI) accelerated above forecasts to 11,2% year-on-year in February from 10,4% in January, official data showed on Thursday.
Statistics South Africa said the headline number, representing domestic output, stood at 1,3% on a monthly basis, compared with 1% previously. Economists polled last week forecast that annual PPI would come in at 10,7%, while the monthly rate of increase was seen at 0,8%.

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/ 12 March 2008

SA manufacturing output quickens

South Africa’s manufacturing output growth quickened to an unadjusted 1,4% year-on-year in January, despite an energy crisis that knocked industry, official data showed on Wednesday. Compared with December, manufacturing production in volume terms increased, unexpectedly, by a seasonally adjusted 1,1%, Statistics South Africa said.

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/ 6 March 2008

January PPI at 10,4%

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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/ 29 February 2008

January trade deficit widens to R10,2-billion

South Africa’s monthly trade deficit widened to R10,2-billion in January, compared with December’s R1,2-billion gap, the South African Revenue Service said on Friday. Compared with the previous month, exports fell by 8% while imports increased by 13%, largely due to a rise in imports of minerals products and machinery.

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/ 29 February 2008

Minister: Job cuts at mines unavoidable

South African Minister of Minerals and Energy Buyelwa Sonjica has confirmed that job losses at mines are unavoidable, the South African Broadcasting Corporation reported on Friday. Sonjica said this became apparent at Thursday’s meeting with labour unions and the Chamber of Mines, but she would not disclose the number of job losses that will take place.

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/ 28 February 2008

Inflation surge boosts rate-hike chances

South Africa’s consumer inflation, which jumped unexpectedly in January, raised the risk of further monetary tightening despite worries over slowing economic growth. Statistics South Africa said on Wednesday that targeted CPIX (consumer inflation less mortgage costs) stood at 8,8% year-on-year in January compared with 8,6% in December.

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/ 27 February 2008

‘Shocker’ CPIX quickens to 8,8%

South Africa’s targeted CPIX inflation rate quickened to 8,8% year-on-year in January from 8,6% in December, above forecasts, data showed on Wednesday. The all-items consumer price index (CPI) increased by an annual rate of 9,3%, compared to 9% in December, Statistics South Africa said.

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/ 10 January 2008

Dismal mining figures despite price rally

South Africa’s mining sector made a positive contribution to the overall GDP in the third quarter of 2007, but this is not expected to be the case in the fourth quarter, Efficient Group economist Fanie Joubert said on Thursday. "The main stumbling block to the mining sector is the strike action as well as deaths on the mines," said Joubert.

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/ 9 January 2008

Soweto retailers report bustling festive season

The hallways were teeming with shoppers — and perhaps those just wanting to be seen — in Soweto’s spanking new Maponya Mall during December. According to mall management, approximately 45 000 people visited the R650-million shopping centre daily. Restaurants such as News Café and Primi Bazala drew in many upmarket young Sowetans.

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/ 20 December 2007

November PPI slows to 9,1%

South Africa’s producer price inflation (PPI) slowed to 9,1% year-on-year in November, below forecasts, from a 9,5% rise in October. On a monthly basis, PPI rose by 0,3% after a 1,1% jump in October. Economists had forecast that annual PPI would come in at 9,7%, while the monthly rate of increase was seen at 0,8%.

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/ 7 December 2007

Expect a restrictive Budget in 2008

South African taxpayers should brace themselves for scant relief when the Budget is announced in February next year as analysts feel Finance Minister Trevor Manuel is likely to be very cautious due to the cyclical risks underpinning the economy. Analysts also feel that the Budget needs to be better harnessed to improve effective expenditure.

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/ 28 November 2007

CPIX figure a ‘shocker’

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.

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/ 14 November 2007

September retail sales growth slows to 2%

South Africa’s retail sales growth slowed to 2% year-on-year in September at constant prices, data showed, but analysts said this was likely not enough to hold off another interest rate hike in December. Retail sales growth slowed from a downwardly revised 6,6% in August, Statistics South Africa said on Wednesday.

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/ 28 October 2007

Slowdown takes shine off SA’s mini-budget

As South Africa’s economic growth slows and inflation heats up, Finance Minister Trevor Manuel will present a medium-term budget on Tuesday with decidedly less to smile about than six months ago. While analysts expect Manuel to be more cautious in his revenue predictions, they believe past prudence has left him with enough room for manoeuvre.

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/ 28 September 2007

August trade deficit down slightly

South Africa recorded a trade deficit of R9,1-billion in August, compared with July’s R9,4-billion shortfall, the South African Revenue Service said on Friday. Economists polled by Reuters last week had forecast a deficit of R5,3-billion, but the number is notoriously volatile and hard to predict.