Data from the South African Reserve Bank shows savings in the country are declining.
The national saving rate as a percentage of nominal GDP showed a 13% decline in the final quarter of last year, indicating dissaving sentiment shared across households, businesses and government.
“Similarly, the annual saving rate of households declined from 2.8% in 2021 to 2.4% in 2022,” reported the SARB. Recent data from the Eighty20 Credit Stress Report shows that there was a turn to credit over the final quarter of last year to survive the onslaught of cost-of-living increases. The central bank said this was due to subdued seasonally adjusted operating surplus and higher seasonally adjusted tax payments.Dissaving by the government also decreased in the fourth quarter from 2.7% in the quarter before. “The dissaving rate of general government decreased from 2.1% in 2021 to 1.9% in 2022,” SARB said.
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