South Africa’s economy probably avoided a contraction in the second quarter, despite record power cuts, logistical constraints and sagging consumer confidence. Moneyweb SAEconomy
South Africa’s economy probably avoided a contraction in the second quarter, despite record power cuts, logistical constraints and sagging consumer confidence. In the view of analysts polled by Bloomberg August 4-10, the economy stagnated quarter-on-quarter, compared with a forecast for a 0.1% contraction last month. Read: SA factory activity contracts again in June – Absa PMI The sectors that make up more than a fifth of total gross domestic product grew 1.5% and 2.
Although the data implies modest economic growth in the second quarter, high living costs and restrictive monetary policy are weighing on consumer demand, Van der Linde said. Read: Interest rates are choking middle-class South Africans The FNB/BER Consumer Confidence Index recorded its second lowest reading since 1994 in the quarter, indicating tremendous concern among consumers about South Africa’s economic prospects and their household finances, according to FirstRand’s First National Bank.
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