Macro reforms have become entrenched and made it cheaper and easier to run a business, and are no longer questioned. |
Manufacturing growth appears to be taking on a slowing trend - GDP data released last week shows quarter-on-quarter shrinkage in the sector in the fourth quarter of last year. |
The index remains below 50, so employment in manufacturing is still shrinking, but at a slower rate than in February. |
The price index has risen in tandem with the higher activity, which suggests that producer prices will continue to rise in the coming months. |
The stronger rand and a slow start to the year are likely to be the biggest drivers of slower growth in January. |
The whole focus on 6% growth is wrong. It's not necessary to get to 6%. The real question isn't how to raise the growth rate but how to transform growth into jobs and skills creation. |
With maize futures prices up substantially since last March, we should be seeing the pass-through in Wednesday's data. |
With private-sector credit extension running well ahead of expectation, the consumer is clearly still being supported by high leverage. |