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SARB Governor Flags Downside Risks To GDP Outlook, BER Business Confidence On Tap

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago said in a speech dated March 7 that Q4 GDP data (-1.3% Q/Q) released yesterday was "much weaker than than we thought it would be," adding that he sees "further downside risk" to the central bank's current 2023 GDP growth forecast of +0.3% Y/Y. The Governor highlighted that in South Africa, headline inflation "remains above the upper end of the target band," while core inflation "remains above the midpoint of the SARB target," which means that the central bank will "act to guide inflation back to the midpoint of the target band." The official noted that South Africa is facing the challenge of navigating between weak growth and high inflation, but did not provide any fresh details on the optimal monetary policy response to this conundrum.
  • New Electricity Minister Kgosientsho Ramokgopa said that he is not taking office with a new plan to fix South Africa's energy system but will instead focus on implementing the plan previously announced by President Cyril Ramaphosa. Separately, Mineral Resources and Energy Minister Gwede Mantashe played down concerns over the potential overlap between his and Ramokgopa's duties.
  • The Bureau for Economic Research will publish Q1 data on business sentiment at 10:00GMT/12:00SAST.
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