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BUSINESS MAVERICK: A vibrant month: Pension boost expected to lift South African retail sales for February

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Retail sales have been in the doldrums, weighed down by lockdowns, rising unemployment and a frail economy. But the latest BankservAfrica Take-home and Private Pensions report, calculated by Economists.co.za, suggests there could be a lift from a boost in pensions in February – though this may not be sustained.

The BankservAfrica Take-home and Private Pensions report for February, calculated by Economists.co.za, forecasts a consumer rebound for the month.retail trade sales fell 3.5% year on year“In February, government pensioners got extra payments, which resulted in nearly a million pension payments paid to an estimated 650,000 private pensioners in the BankservAfrica Private Pension Index .

“Total private pensions paid increased by 61% in real terms and added about R3-billion to the total spending in February, which equals the R3-billion that the ‘new state of disaster’ grant pays to six million unemployed people. This will help the economy as the money is likely to help quite a few informal businesses.”

“The total nominal increase for all deducted money flowing into bank accounts of workers and private pensioners was 9.2%. This should result in a good consumer expenditure reaction for the South African economy for at least February,” the report says.

 

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BUSINESS MAVERICK: South African mining output rises in February after 12 consecutive months of contractionA green shoot has appeared in South Africa’s mining sector. Mining production rose 0.8% year on year in February, the first month since February 2020 in which it has not declined. The catch is that the number could still be revised up or down in the coming months.
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