News Formal

BUSINESS MAVERICK: SA economy is in desperate need of some good news — and this week it got some

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Following the better-than-expected gross domestic product numbers released on Tuesday, 8 December, Stats SA announced on Wednesday that inflation had eased slightly to 3.2%. The rand is looking perky too, strengthening to below R15 to the dollar. At last, all the main pointers are heading the right way, but can it last?

For the first time since the devastating coronavirus pandemic hit, all the main economic pointers are heading in the right direction, resulting in what might be described as an audible sigh of economic relief.

That suggests that the rise in global food prices are filtering their way through to SA. This was counterbalanced by another drop in petrol prices. A similarly mixed picture emerges from BankservAfrica Economic Transactions Index , which flattened in November 2020, suggesting lower economic growth for Q4 2020, which may lead to reduced spending over the December holiday break.

With the extra spending via the Covid-19 UIF TERS payments ending in November and the increased Sassa grants closing in January 2021, some of the momentum for economic recovery will be lost.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

The credit rating of SA was downgraded and the rand is improving because the USD is falling.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: SA Reserve Bank has plenty of excuses to cut rates again next weekThe South African Reserve Bank’s Monetary Policy Committee has plenty of scope to pull the trigger again and cut interest rates when it meets for the first time in 2021 this coming week. The decision will be announced by Governor Lesetja Kganyago on Thursday, January 21.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Lockdown business blues: The economy is off to a faltering start in 2021The renewed lockdown rules imposed between Christmas and New Year to contain the Covid-19 pandemic’s lethal second wave have economists revising down further already grim 2021 growth forecasts for South Africa. Could a first-quarter contraction be in the offing? Thank God for bringing bitcoin to man,it has being a great source of blessing to all of man kind who have passion for bitcoin trading. Now the poor are getting rich over night and the rich getting richer. lisaMakT thank you for your proper management .
Source: dailymaverick - 🏆 3. / 84 Read more »