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SOUTH AFRICA: GDP Growth Misses Expectations, Ramaphosa Reshuffles Cabinet

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • South Africa's economy rose by just 0.3% Y/Y in Q3, missing the +1.1% consensus forecast by a wide margin. The quarterly contraction in the seasonally-adjusted figure by 0.3% Q/Q also took analysts by surprise, defying their call for a 0.4% expansion. The quarterly contraction was driven by a slump in the agriculture sector, which shrank by 28.8% Q/Q, which (according to Bloomberg) was the most in three decades.
  • President Cyril Ramaphosa removed embattled Thembi Simelane from the position of the Justice Minister and made her swap roles with Human Settlements Minister Mmamoloko Kubayi, keeping her in the cabinet. Simelane has been facing calls to step down and is undergoing an internal probe by the ANC's disciplinary authorities.
  • Moody's affirmed South Africa's credit rating at Ba2 with a stable outlook, pointing to the country's "effective, core institutions such as the judiciary and the central bank, a robust, deep financial sector and a solid external position" on the one hand, as well as "chronic challenges" on the other.
  • South Africa's S&P Global PMI for the whole economy ticked higher to 50.9 in November from 50.6 prior.
  • The Bureau for Economic Research (BER) will release Q4 Consumer Confidence Index at 08:00GMT/10:00SAST.
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  • South Africa's economy rose by just 0.3% Y/Y in Q3, missing the +1.1% consensus forecast by a wide margin. The quarterly contraction in the seasonally-adjusted figure by 0.3% Q/Q also took analysts by surprise, defying their call for a 0.4% expansion. The quarterly contraction was driven by a slump in the agriculture sector, which shrank by 28.8% Q/Q, which (according to Bloomberg) was the most in three decades.
  • President Cyril Ramaphosa removed embattled Thembi Simelane from the position of the Justice Minister and made her swap roles with Human Settlements Minister Mmamoloko Kubayi, keeping her in the cabinet. Simelane has been facing calls to step down and is undergoing an internal probe by the ANC's disciplinary authorities.
  • Moody's affirmed South Africa's credit rating at Ba2 with a stable outlook, pointing to the country's "effective, core institutions such as the judiciary and the central bank, a robust, deep financial sector and a solid external position" on the one hand, as well as "chronic challenges" on the other.
  • South Africa's S&P Global PMI for the whole economy ticked higher to 50.9 in November from 50.6 prior.
  • The Bureau for Economic Research (BER) will release Q4 Consumer Confidence Index at 08:00GMT/10:00SAST.