Africa Data Response South Africa Manufacturing Output (Nov.) The sharper-than-expected decline of South African manufacturing output in November suggests that GDP growth will disappoint in Q4. Worse, it seems that the hobbled manufacturing sector has not been... 12th January 2016 · 1 min read
Africa Data Response South Africa Current Account (Q3) Data released this morning showed that South Africa’s current account deficit widened in Q3 as a result of higher domestic spending. 8th December 2015 · 1 min read
Africa Data Response South Africa Business Confidence (Nov.) The South African Chamber of Commerce and Industry (SACCI) business confidence index retreated to near its historic low in November, providing yet another sign that expectations of an improvement in... 3rd December 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Nov.) South Africa’s November Manufacturing PMI fell to a six year low, and - while there is a possibility that the figure could be revised - we believe that monetary tightening and slow growth have... 1st December 2015 · 1 min read
Africa Data Response South Africa GDP (Q3) South Africa narrowly avoided a technical recession in Q3, but this will provide little comfort for an economy were anaemic growth is becoming entrenched as the new normal. Growth for the year as a... 24th November 2015 · 1 min read
Africa Data Response South Africa Retail Sales (Sep.) September’s retail sales figures were weaker than expected, supporting our belief that recent strong growth in the consumer sector is unsustainable. But today’s figures do at least suggest that the... 18th November 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Oct.) South African inflation accelerated to 4.7% y/y in October in what we believe is the beginning of a sharp inflationary spike. While tomorrow’s rate decision will be close, we expect that the SARB will... 18th November 2015 · 1 min read
Africa Data Response Nigeria GDP (Q3) GDP figures for Q3 support our long-held view that Nigeria’s 2015 economic performance will be far worse than is commonly expected. Growth in Sub-Saharan Africa’s largest economy was just 2.8% in Q3... 17th November 2015 · 1 min read
Africa Data Response South Africa Manufacturing Output (Sep.) Today’s manufacturing output figures were sharply above consensus, and show that the economically crucial sector returned to growth in September. This is a welcome sign, and supports our view that the... 10th November 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Oct.) The sharp fall in South Africa’s October manufacturing PMI supports our view that the country’s manufacturing sector will struggle over the coming months. 2nd November 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Sep.) Last month’s weaker-than-expected South African inflation reading, of 4.6% y/y, coming alongside the recent rally in the rand, makes next month’s Reserve Bank rate decision a close call. But with... 21st October 2015 · 1 min read
Africa Data Response Nigeria Consumer Prices (Sep.) Data released today showed that Nigerian inflation continued its slow grind higher last month, reaching 9.4% y/y, its strongest rate in over two years. Given the previous slide in the naira and the... 14th October 2015 · 1 min read
Africa Data Response South Africa Mining & Manufacturing Output (Aug.) Manufacturing and mining output figures for South Africa released today were both weaker than the figures reported last month. The downbeat data support our view that growth will remain weak over the... 8th October 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Sep.) The second consecutive below-50 PMI reading provides more evidence that the strong manufacturing output figures reported for July were a blip and that the sector remains mired in slow growth. 1st October 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Aug.) Inflation in South Africa fell to 4.6% y/y in August, below our expectations and those of other analysts. We still expect the SARB to hike interest rates later today, but today’s CPI figure means that... 23rd September 2015 · 1 min read
Africa Data Response South Africa Current Account (Q2) Data released this morning showed that South Africa’s current account deficit narrowed to 3.1% of GDP in Q2. While this is welcome news, a more detailed look at the figures highlight the economy’s... 15th September 2015 · 1 min read
