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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 declined by one index point to 38 in 4Q11. Sentiment improved notably in the retail and wholesale trade sectors, deteriorated further in new motor trade and remained largely unchanged in manufacturing and building. The survey implies a slightly faster GDP growth rate in 4Q11 after the soft patch in 3Q11
