Economic activity slowdown mirrored in lower transactions: BankservAfrica BETI fell in February 2023, signalling SouthAfrica 's deteriorating economic activity ~
After two consecutive months of encouraging growth, the BankservAfrica Economic Transactions Index fell in February 2023, signalling the country’s deteriorating economic activity.
Evidence of the impact and cost of load shedding is shown in the Stats SA data indicating the economy contracted by 1,3% in Q4 2022, on a quarterly seasonally adjusted basis. The other nowcast indicators recorded mixed performances in February. After moving sideways in January 2023 and December 2022, the Absa Purchasing Managers’ Index plummeted in February to 48.8 index points, while the sub-index measuring expected business conditions in six months fell to its lowest since May 2020.
The pace of vehicle sales growth moderated further in February but remains 2,8% higher compared to a year earlier.
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