The Cold War ended more than three decades ago. That period of history showed that socialism, at a country scale, is unsustainable
South Africa’s targeted CPIX (consumer inflation less mortgage costs) rate jumped to a new five-year high of 10,1% in March, beating forecasts and hardening expectations for another interest-rate increase. Statistics South Africa said the targeted measure jumped from 9,4% in February to its highest level since December 2002.
South Africa’s retail sales growth accelerated to 2,5% year-on-year in February at constant prices, from an upwardly revised 0,7% growth in January, Statistics South Africa said on Wednesday. In the three months to the end of February, retail sales increased by 0,7% over the same period the previous year, also at constant prices.
South African Reserve Bank Governor Tito Mboweni has raised the repo rate, at which the South African Reserve Bank lends money to banks, by 50 basis points to 11,5% following a two-day meeting of the bank’s monetary policy committee. The prime overdraft rate therefore increases to 15%.
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/ 26 February 2008
South Africa’s economic growth jumped unexpectedly in the fourth quarter of 2007, keeping expansion for the year near a two-decade record at 5,1% as buoyant corporates outweighed slower consumer spending. Africa’s biggest economy has remained resilient despite higher interest rates, although growth is likely to slow in 2008.
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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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/ 10 January 2008
Growth in South Africa’s manufacturing output volumes eased in the year to November, data showed on Thursday, but this might not sway the central bank’s next decision on interest rates later this month. Statistics South Africa said manufacturing output slowed to 4,4% year-on-year in volume from an upwardly revised 5,7% in October.
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/ 19 December 2007
South African consumer inflation raced further away from the central bank’s band in November, backing the case for another interest rate rise, despite a slowdown in retail sales. The targeted CPIX gauge — which strips out mortgage costs — jumped to 7,9% year-on-year from 7,3% in October.
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/ 5 December 2007
South Africa’s economic boom looks set to persist but concerns linger over the direction of policy after the crucial African National Congress (ANC) conference, which seems likely to choose Jacob Zuma as the ruling party’s new leader. Economic growth jumped to 5,4% in 2006 — its fastest rate since 1981 — and wealth is spreading to a burgeoning black middle class.
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/ 5 December 2007
South Africa’s manufacturing output recovered in October to grow an unadjusted 5,2% year-on-year in volume terms, after contracting 1,4% in September, official data showed on Wednesday. Compared with September, manufacturing production rose a seasonally-adjusted 7,2% in October, Statistics South Africa said.
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/ 4 December 2007
Jacob Zuma is hounded by corruption allegations and his rape trial often overshadows his status as a hero of the anti-apartheid struggle. Yet the burly Zulu politician has shrugged off obstacles that would have crippled others to emerge as favourite to lead the ruling African National Congress.
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/ 27 November 2007
South African third-quarter growth rose to an annualised 4,7%, beating forecasts and backing the case for another interest-rate hike. Statistics South Africa on Tuesday said the annualised quarter-on-quarter growth in real gross domestic product (GDP) has increased to 4,7%, compared with a downwardly revised 4,4% in the second quarter of 2007.
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/ 31 October 2007
South Africa recorded a trade deficit of R4,3-billion in September, compared to August’s R9,1-billion shortfall, the South African Revenue Service said on Wednesday. Economists polled by Reuters last week had forecast a deficit of R6,4-billion, but the number is notoriously volatile and hard to predict.
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/ 29 October 2007
Growth in demand for credit from South Africa’s private sector slowed in September, but remained above forecasts, keeping up pressure for higher interest rates. Credit growth eased to 22,46% year-on-year from an upwardly revised 23,16% in August, while money supply growth also eased to 24,94%.