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Home Economy

South Africa economy bounces back from floods

FurtherAfrica by FurtherAfrica
June 24, 2022
in Africa, Economy, South Africa
Reading Time: 2 mins read
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Opinion: Will things get better for South Africa?

Sandton, Johannesburg

Transactions index rose to 143.5 in May from 137.6 in April Gauge signals continuation of strong first-quarter growth

A gauge measuring South African economic activity bounced back strongly in May after the worst flooding in almost three decades left more than 400 people dead, damaged businesses and halted operations at the country’s biggest port the previous month.

Also read: Small business say renewable energy is the solution for South Africa load shedding

The BankservAfrica Economic Transactions Index, which monitors interbank payments, rose to 143.5 in May from a revised 137.6 in April. That suggests a robust recovery of Africa’s most-industrialized economy, which was devastated by the Covid-19 pandemic.

The May data suggests a continuation of strong first-quarter growth, “which would be an encouraging outcome for an economy in dire need of sustained growth,” independent economist Elize Kruger said in an emailed statement from the automated clearing house.

South Africa’s economy is back at the size it was before the coronavirus pandemic struck, after expanding 1.9% in the three months through March, compared with revised growth of 1.4% in the previous quarter.

Also read: South Africa youth benefit from EPWP programme

Still, South Africa has the world’s highest unemployment rate, and tightening global financial conditions due to higher-than-expected inflation and choked supply-chains stemming from China’s targeted Covid-19 lockdowns, extreme weather and the war in Ukraine are risks to the domestic growth outlook. The central bank lowered its 2022 expansion forecast to 1.7% from 2% last month.

BETI is an early economic scorecard for South Africa in terms of growth trends and correlates closely with the central bank’s co-incident indicator and the gross domestic product data.

Related

Source: Bloomberg
Tags: domestic growth outlookEconomyElize KrugerSouth AfricaSouth Africa economy bounces back from floodsюжная-африкаجنوب-أفريقيا南アフリカ南非
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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