Some good news expected for South Africa’s GDP data this week

Economists and analysts expect South Africa to narrowly avoid a technical recession, with Q3 gross domestic product data this week projected to swing into growth territory.

However, the BER noted that the improvement in the job market might be overstated as Stats SA received more surveys after reintroducing in-person surveying. Among producers, mining and manufacturing output increased over the quarter, despite heavy load-shedding, which resulted in a drop of 1.9% q-o-q in electricity production.

Absa’s Purchasing Management Index – an economic activity index based on surveys done by purchasing managers in the manducating sector – climbed to 52.6 in November compared to 50 in October, representing a boost in activity in the sector. The construction sector, featured in the FNB/BER Civil Confidence Index on Monday , also observed an improved economic outlook, which rose from 24 in Q3 to 31 in Q4 – the highest since 2017.

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