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Brief note intended as a more regular interface with our clients. The emphasis is to provide our interpretation of important economic events, such as South African Reserve Bank interest rate statements, and key data releases, including GDP growth figures.
The RMB/BER BCI jumped from 44 points in the fourth quarter of 2010 to 55 in the first quarter of 2011. Business confidence increased in the motor trade, wholesale trade and manufacturing sector and declined in the retail and building sectors. The latest RMB/BER BCI results imply prospective higher levels of corporate investment... and that the growth momentum is spreading, with the exception of the building sector, to more industries than merely the trade sectors. In all, the sharp increase in the RMB/BER BCI during the first quarter signals that strong GDP growth was probably sustained during the beginning months of 2011
