Amid the dismal GDP and unemployment numbers that South Africa has seen in the past few weeks, the economic recovery prospects of the country has been strained. However recent PMI and businesses confidence indexes has shown a slight uptick in growth prospects as lockdown restrictions ease and businesses go back to work. Joining CNBC Africa to unpack a 4th quarter economic outlook and a mid-term-budget outlook is Adrian Saville, CEO of Cannon Asset Managers.
South Africa’s second quarter GDP figure reflected a dismal economic picture of the countries woes amid the COVID-19 crisis. However the silver lining in the figures was the agriculture sector which increased by 15.1 per cent and according to FNB Agribusiness, the sector will continue to see robust growth into 2021. Paul Makube, Senior Agricultural Economist at FNB Agribusiness joins CNBC Africa for more.
The South African Reserve Bank has done a considerable amount of heavy lifting. This year alone, the repo rate was cut by 300 basis points. For many, it is no surprise that the bank decided to keep the rate unchanged, in its latest MPC meeting. In addition, the Reserve Bank has changed its forecast for GDP contraction in 2020, to 8.2 per cent. Investec Chief Economist, Annabel Bishop joins CNBC Africa for more.
Yesterday’s South Africa’s GDP data for the second quarter revealed that The mining and quarrying industry decreased by 73.1 per cent as the demand for mineral products fell as global markets entered into strict COVID-19 lock-downs; contributing to decreased production in platinum , gold and other metals. However we are seeing a glimpse of recovery for South African miners as they are posting above average results and production increases. Peter Major, Mining Director at Mergence Corporate Solutions joins CNBC Africa for more.
South Africa's GDP decreased by a record 51.0 per cent in the second quarter, due to the impact of COVID-19 lock-down restrictions. The largest negative contributors to growth in GDP were the manufacturing, trade and transport industries which saw muted economic activity amid lockdown. Old Mutual Chief Economist, Johann Els joins CNBC Africa for more.
ABIDJAN (Reuters) - Ivory Coast’s gross domestic product growth is expected to slow to 0.8% in 2020 compared to a previous forecast of 7.2% if the coronavirus pandemic continues to...