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Although still recording a trade surplus in Q2 of 2024, it was slower than expected as the total value of agriculture exports eased by 0.1% y/y to US$3.37 billion according to the recently updated Trade Map data.
The latest Quarterly Labour Force Survey (QLFS) update from Statistics South Africa showed a reversal of job gains in the first quarter of 2024 which saw employment falling by 0.6% or 92,416 jobs q/q at 16,652 persons in Q2 of 2024.
After steadying in May 2024, headline inflation resumed its deceleration and reached the 2024 low of 5.1% y/y in June. The monthly headline inflation outcome slowed to 0.1% m/m from 0.2% previously.
PwC South Africa is pleased to share its seventh South Africa Economic Outlook report for 2024.