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SA’s economy lagging behind the globe

10 June 2014

While South Africa’s economy contracted in the first quarter, so far second quarter data have hardly been encouraging. According to the National Association of Automobile Manufacturers of South Africa (NAAMSA), sales of new vehicles fell by 9.2% year-on-year in May. There was a sharp decline in exports due to the discontinuation of a specific car model which could lead to a further blow to the trade deficit, but NAAMSA expects vehicle exports to improve in the second half of the year.

Dark clouds and silver linings

10 June 2014

In its biannual Monetary Policy Review, the SA Reserve Bank (SARB) describes the outlook for the global economy as “sunny with a chance of storms”. Perhaps the current mood in South Africa can be described as “stormy with a chance of sun”. The dreaded R-word, recession, is being thrown around following the first quarter’s contraction.

SA growth slumps in the first quarter

28 May 2014

South Africa’s newly sworn-in Cabinet, particularly the new Finance Minister Nhlanhla Nene will have plenty to think about. Data from StatsSA showed that the economy contracted in the first quarter, with quarter-on-quarter real gross domestic product (GDP) falling 0.6% (at a seasonally adjusted and annualised rate) compared to a 3.8% increase in the fourth quarter of 2013. Compared to the first quarter of last year, the local economy grew by 1.6%.

Rates will rise, despite poor growth

27 May 2014

South Africa’s GDP for the first quarter of this year declined by 0.6% on a quarterly basis (an increase of 1.6% year-on-year) and while a weaker growth rate was widely expected, this figure has disappointed most analysts’ forecasts.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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