South Africa’s economy grew by 0.7 percent in the third quarter of 2015, narrowly avoiding a recession, Statistics South Africa (Stats SA) said on Wednesday. The agency, though, said some of the country’s key industries are in recession. The increase in overall economic activity in the third quarter was characterised by three of the ten […]
Category: South Africa Business
South African rand (ZAR) stabilises after bad start to the year
South Africa’s rand drifted in a narrow range versus the dollar in the absence of significant drivers on Tuesday, with traders and investors looking to mining and factory output data on Thursday for pointers on the state of the local economy. The rand has fallen nearly 8 percent against the dollar this year, because investors […]
MTN Nigeria warns reprisal attacks on S.Africans will plunge Nigeria’s economy
MTN Nigeria has cautioned against reprisal attacks on multinationals that have links with South Africa owing to the xenophobic attacks on Nigerians in South Africa, saying any such occurrence would result in monumental loss and setback for the Nigerian economy. Xenophobic attacks on foreigners in South Africa by some group of South Africans has led […]
South Africa join the austerity fan brigade
While the battle against austerity in Europe has entered a decisive phase — with the election of the radical-left Syriza in Greece — the term is seldom heard with reference to South Africa. Despite this, and the global discrediting of austerity, Finance Minister Nhlanhla Nene’s recent budget can only be described as austere. Austerity refers […]
South African Benefit From Oil Price Decline Seen as Temporary
(Bloomberg) — The benefit from the lower oil costs for South Africa’s economy will probably be temporary as the drop hasn’t passed through to wider prices and crude should increase further, Reserve Bank Governor Lesetja Kganyago said. “Average wage settlements are still in the realms of 8 percent,” Kganyago said in a speech to a […]