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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
MNI (London)
The South African economy advanced by +1.6% q/q in Q3, after contracting by -0.7% q/q in Q2.
- This outpaced consensus expectations of +0.4% q/q growth and implies the size of the South African economy is now greater than pre-Covid levels.
- GDP expanded by +4.1% y/y, after close to stalling at +0.2% y/y in Q2.
- Only personal services and electricity/gas/water recorded (mild) contractions. Agriculture, finance, manufacturing and transport all boosted growth, alongside robust exports and government spending. Agricultural production alone jumped by +19.2% q/q.
- This was despite substantial load-shedding issues throughout the quarter. Output recorded continued recovery form severe flooding and lockdowns in Q2. As such, the upbeat Q3 data is partially due to comparison to a weak Q2.
- Yet the higher Absa manufacturing PMI recorded a robust start to Q4 manufacturing, despite the October Transnet strike. High inflation and interest rates will likely dampen growth into year-end.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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