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Investec and Econometrix Expect 0.8% Economy Contraction

SOUTH AFRICA
  • Chief economists of Investec and Econometrix expect the economy to shrink 0.8% in the second quarter with official GDP figures scheduled to be published on 6 September. However, Econometrix expects coal, South Africa’s key export, to be a driver of growth in the coming months as Europe continues to face a looming energy crisis amid sanctions against Russia.
  • IoL report that the ANC in Limpopo has again contradicted chairperson Stan Mathabatha’s assertion that the party supports President Cyril Ramaphosa’s second term ambitions, saying the province remains undecided on who to support in the upcoming elective conference in December. Though Mathabatha is a Ramaphosa ally, his province opposes the step-aside policy and the treatment of popular treasurer Danny Msiza who was forced to vacate office after being criminally charged for his alleged role in the looting of the VBS bank.
  • The presidency on Saturday said that President Ramaphosa has assented to the Municipal Systems Amendment Bill of 2022 in order to build state capacity, The Times reports. The presidency spokesperson said the new legislation is important in improving the performance of local government, preventing the abuse of public resources and stamping out the sheltering of officials who move from municipality to municipality after wrongdoing.
  • The data docket is light today with no major economic releases scheduled.
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