Africa Rapid Response South Africa Activity Data (Jul.) South Africa’s activity data for July was relatively downbeat, and more timely data suggest that the economy is struggling to regain momentum. With loadshedding having intensified in recent weeks... 20th September 2023 · 2 mins read
Africa Rapid Response South Africa Consumer Prices (Aug.) The small rise in South Africa’s headline inflation rate to 4.8% y/y in August partly reflected a fresh pick-up in core price pressures, but we doubt that this will prompt the SARB to restart its... 20th September 2023 · 2 mins read
Africa Rapid Response Nigeria Consumer Prices (Aug.) Nigeria’s headline inflation rate rose again to an almost-18 year high of 25.8% y/y in August, as the effects of the removal of fuel subsidies and the weakness in the naira continue to bite. We expect... 15th September 2023 · 2 mins read
Africa Rapid Response South Africa GDP (Q2) The 0.6% q/q rise in South Africa’s GDP in Q2 was stronger than expected but more timely indicators point to a weak start to Q3. And the backdrop of severe power cuts, tight policy and worsening terms... 5th September 2023 · 2 mins read
Africa Rapid Response South Africa Manufacturing PMI (Aug.) South Africa’s manufacturing PMI strengthened in August, reversing the declines seen in recent months as loadshedding became less intense. Even so, the survey still points to extremely weak growth in... 1st September 2023 · 2 mins read
Africa Rapid Response Nigeria GDP (Q2) Nigeria’s economic growth picked up to 2.5% y/y in Q2 as the damaging effects of a botched demonetisation process continued to fade, but this was partly offset by a larger drag from the oil sector... 25th August 2023 · 2 mins read
Africa Rapid Response South Africa Consumer Prices (Jul.) The larger-than-expected fall in South Africa’s headline inflation rate to 4.7% y/y in July leaves it within touching distance of the mid-point of the Reserve Bank’s 3-6% target range and means that... 23rd August 2023 · 2 mins read
Africa Rapid Response South Africa Activity Data (Jun.) South Africa’s activity data for June suggest that the economy managed to eke out positive growth in Q2, but more timely indicators suggest that activity struggled to sustain this momentum at the... 16th August 2023 · 3 mins read
Africa Rapid Response Nigeria Consumer Prices (Jul.) Nigeria’s headline inflation rate rose again to an almost-18 year high of 24.1% y/y, as the removal of fuel subsidies and the devaluation of the naira continue to push up prices. This fresh increase... 15th August 2023 · 2 mins read
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
