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SOUTH AFRICA: Treasury Still on Track to Hit Targets

SOUTH AFRICA
  • The National Treasury are still intent on meeting fiscal targets laid down in February – with data so far keeping targets on track, according to the DG of the Treasury in Business Day. He stated there are still moving parts, however, and Q2 GDP data will give a better sense of fiscal ratios ahead.
  • The Times writes that Eskom’s intentions to extend the life of the Koeberg plant by 20 years is both misguided and risky – increasing reliance on foreign engineers and continuing an unsustainable cycle.
  • ENCA continues to focus on the introduction of the two-pot retirement system, writing that withdrawals should give the economy a “major boost”. They cite figures from Absa, who expect withdrawals to reach nearly ZAR 80bln in the first year. Separately, Sanlam’s interim results disclosed that they expect a modest outflow of investment funds over the next few months as a result of the two-pot system – but warned that it’s impossible to give an estimate of what to expect.
  • Vehicle exports hit a record high of 396,000 units last year thanks to strong international demand for locally made products such as the Volkswagen Polo, Mercedes C-Class and Toyota Hilux, according to IoL. However, 2024 is faring far more poorly, with the industry recording year-on-year declines for six of the eight months to date.
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