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Economic News

South Africa seeks to strike balance between pro-growth spending and fiscal discipline
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Malusi Gigaba, South Africa’s minister of finance, delivered the Medium-Term Budget Policy Statement (MTBPS) to Parliament on October 25, outlining a mix of partial privatisations and infrastructure spending aimed at spurring economic growth while still pursuing fiscal consolidation. Partial privatisation of state-owned telco One state-owned enterprise slated for a partial sell-off is Telkom,…
Economic News

South African real estate market sees home prices fall and growing appetite for apartment living
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While South Africa’s economy has emerged from recession and is showing signs of sustained growth, that has yet to feed into the property market, meaning residential sales and new construction will likely remain subdued for the rest of this year. Weaker demand and downward price corrections are seeing more owners withdraw properties from the market or decide against listing homes, according to…
Economic News

Investment in South Africa remains subdued amid signs of economic recovery
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South Africa has recovered from its recession, though investors remain cautious given policy uncertainties and waning business sentiment. The country’s real GDP expanded by 2.5% quarter-on-quarter (q-o-q) in the three months to June, according to Statistics South Africa (Stats SA), moving the country out of recession after its latest contraction –the second in eight years. Growth was…
Economic News

Rising exports contribute to increased vehicle sales in South Africa
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Improved sales in key segments of South Africa’s automotive industry point to a modest rebound in domestic demand, though much of the growth in the sector stemmed from rising exports. Domestic sales of new vehicles were up 4.1% year-on-year (y-o-y) in July, according to the National Association of Automobile Manufacturers of South Africa (Naamsa). A total of 46,719 units were sold that month,…
Economic News

South Africa targets increased investment for food and beverages
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South Africa’s food and beverages industry is one of a handful of key agri-processing segments set to benefit from a new state-led investment incentive scheme. Launched at the end of June, the Department of Trade and Industry’s Agro-Processing Support Scheme (APSS) offers cost-sharing grants to be awarded to the value of 20-30% of basic investments. The programme, with a budget of R1bn ($77m),…
Economic News

Retail projects move forward in South Africa despite challenges
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New mall developments and low vacancy rates should create opportunities in South Africa’s retail sector, though economic headwinds could restrict growth prospects in the short term. A first quarter retail market survey by real estate consultancy JLL, published in early June, said new retail projects are continuing to break ground despite a weak economic climate. Ongoing activity, JLL noted, indicated…
Economic News

South Africa’s new tourism development strategy looks to home market
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While international arrivals remain a mainstay of South Africa’s tourism sector, a revision to the national tourism strategy is looking to stoke growth in the domestic travel industry. On May 5 the Ministry of Tourism submitted a final draft of the National Tourism Sector Strategy (NTSS) for public comment over the following 60 days. The new draft – a revised version of the original 10-year…
Economic News

Markets digest credit ratings downgrades in South Africa
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Rising uncertainty over fiscal policy has seen South Africa’s sovereign credit cut to junk status by two rating agencies, although the move appears to have had only a modest impact on the currency thus far, with inflation still within the target range. Following a Cabinet reshuffle at the end of March that saw President Jacob Zuma replace the minister of finance Pravin Gordhan with Malusi Gigaba,…
Economic News

South Africa’s agriculture industry rallies after drought
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Welcome rains in late summer and autumn brought some respite for South Africa’s agricultural producers towards the end of 2016, helping to boost yields and improving the chances of recovery after a two-year contraction. Signs of a brighter outlook come after a lengthy drought, which has significantly pushed down production in the past three years and continues to impact much of the eastern part…