Africa Rapid Response South Africa Manufacturing PMI (Jul.) South Africa’s manufacturing PMI fell even further in July as power cuts intensified again and the outlook remains bleak – we remain comfortable with our forecast for the economy as a whole to... 1st August 2023 · 2 mins read
Africa Economics Update South Africa Interest Rate Announcement (Jul.) The further fall in inflation in June, coupled with signs of economic weakness and a decline in risk premia, prompted the South African Reserve Bank to leave its repo rate at 8.25%, bringing this... 20th July 2023 · 3 mins read
South Africa Activity Data (May) The worse-than-expected South African retail sales figures for May add to the raft of weak activity data and it looks like things may get even worse over the coming months. Coupled with figures... 19th July 2023 · 3 mins read
South Africa Consumer Prices (Jun.) The larger-than-expected fall in South Africa’s headline inflation rate to 5.4% y/y in June brings it back within the Reserve Bank’s 3-6% target range for the first time since April 2022 and means... 19th July 2023 · 2 mins read
South Africa Manufacturing PMI (Jun.) South Africa’s manufacturing PMI fell in June to its lowest level since mid-2021 and remains consistent with declines in output in the sector over the coming months. The survey also shows that price... 3rd July 2023 · 2 mins read
South Africa Consumer Prices (May) The larger-than-expected decline in South Africa’s headline inflation rate, to 6.3% y/y, reinforces our view that the tightening cycle is over and that interest rates will be kept at 8.25% at next... 21st June 2023 · 2 mins read
Nigeria devalues the naira Reports that the Central Bank of Nigeria has devalued the naira would, if confirmed, represent another positive policy step by the new Tinubu administration. But we retain our reservations this is a... 14th June 2023 · 3 mins read
South Africa GDP (Q1) The 0.4% q/q rise in South Africa’s GDP in Q1 means that the economy once again skirted a technical recession, but the outlook remains bleak. Severe power cuts, tight fiscal and monetary policy and a... 6th June 2023 · 3 mins read
Africa Economics Update SARB keeps eyes firmly focussed on inflation The South African Reserve Bank (SARB) hiked interest rates by 50bp, to 8.25%, today on the back of policymakers’ growing concerns about the inflationary impact of persistent power cuts. For now, we... 25th May 2023 · 3 mins read
Nigeria GDP (Q1) Nigeria’s economic growth slowed to just 2.3% y/y in Q1 as the damaging effects of a botched demonetisation process more than offset an easing of the drag from the oil sector. With the rise in oil... 24th May 2023 · 3 mins read
South Africa Consumer Prices (Apr.) South Africa’s headline inflation rate dropped back to 6.8% y/y in April but the further strengthening of core inflation will alarm Reserve Bank officials about the impact of loadshedding on price... 24th May 2023 · 2 mins read
Ghana secures $3bn IMF deal The news that Ghana has secured a $3bn staff-level agreement with the IMF will go some way to easing the country’s economic crisis, but the government still needs to clear a number of hurdles to put... 13th December 2022 · 2 mins read