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SOUTH AFRICA: SARB Hopes for GDP Boost Following Loadshedding Suspension

SOUTH AFRICA
  • Speaking to reporters yesterday, Deputy Governor of the SARB Rashad Cassim said “There’s a growth side and there’s an inflation side; there may be a double whammy, there may be a good story here,” adding, “Let’s hope that for the first time, given the fact that loadshedding, or the lack of it post the election, that there will be an upward revision of the forecast and that will be very good for the economy.”
  • “If we deal with these structural constraints, we can lift our GDP growth potential to 3.5%, which would basically mean that we can continue to accelerate our growth at least until we hit that 3.5%,” Governor Lesetja Kganyago said.
  • South Africa's M3 money supply rose 5.88% y/y in July versus +4.19% in June, according to the SARB. Private credit rose 3.50% y/y (Est: +4.30%) versus +4.27% the month prior.
  • Trade balance (Est: ZAR 21.5bn) and budget balance data (-ZAR 155.7bn) for July will cross wires at 13:00BST/14:00 local time. GDP and current account data for Q2 highlight the local slate next week.
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