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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 economy extended its growth streak to six consecutive quarters in Q1, with GDP expanding by a better-than-expected 0.5% q-o-q. Beneath the encouraging headline, however, underlying momentum remained subdued. Domestic demand contracted, investment spending weakened and inventory accumulation deteriorated, leaving net exports and the services sector to do most of the heavy lifting.
