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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.
Business confidence declined slightly during 2014Q1 but saw a rebalancing in favour of the building and manufacturing as opposed to the trade sectors. Underlying survey indicators mostly supported this rebalancing of business confidence levels with activity in the non-trade sectors outperforming. The survey results provided evidence that manufacturing fixed investment – and in fact non-residential fixed investment in general – might be more buoyant than expected. Furthermore, the manufacturing export indicators signal a strong performance during Q1.
