Gross savings by corporates climbed to 15.9% of nominal gross domestic product from 10% in the prior quarter, data in the South African Reserve Bank’s Quarterly Bulletin published on Thursday show. That’s taken the national savings rate for the three months through September to 15.6%, the highest in two quarters.
While the increase in corporate savings is largely due to changes in seasonally adjusted operating surpluses and tax payments, it comes as rolling blackouts occurred for almost half of the time in the third quarter. That’s likely to further weigh on investment in an economy where reform-minded President Cyril Ramaphosa faces a challenge to his bid to lead the governing party for another five years, and as Eskom grapples with a leadership vacuum.
Private companies have been wary of committing large sums of money to domestic projects due to the nation’s electricity rationing, slow pace of reforms, high levels of crime, state graft and instability that last year culminated in the worst civil unrest since the end of apartheid. South Africa is suffering an energy crisis as power utility Eskom, which produces almost all of the nation’s electricity, struggles to meet demand. Load shedding reached 1 054 hours, or 47.7% of the time in the third quarter, central bank data show. It’s now imposed outages for a record 189 days so far in 2022, according to Bloomberg calculations.
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Africa: FACT SHEET: U.S.- Africa Partnership in Promoting Two-Way Trade and Investment in AfricaDocument - Africa’s integration into global markets, demographic boom, and continent-wide spirit of entrepreneurship and innovation present an extraordinary opportunity for the United States to invest in Africa’s future. The United States will support and facilitate mobilizing private capital to fuel economic growth, job creation, and greater U.S. participation in Africa’s future. Together, business and government leaders will strengthen trade- and investment-enabling environments, inclu
Läs mer »