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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 South African (SA) economy ended 2025 on a slightly stronger note than expected. Real GDP expanded by 0.4% q-o-q in the fourth quarter, a touch above both our forecast and the consensus expectation of 0.3%. This was the fifth consecutive quarter of positive growth, indicating that the gradual recovery remained intact towards year-end. However, the full-year outcome was somewhat softer than anticipated.
