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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.
South Africa has absorbed the global energy shock better than initially feared, but resilience should not be mistaken for acceleration. More stable electricity supply, improved fiscal credibility, reform progress and a firmer rand provide stronger shock absorbers. Even so, growth remains too weak to generate a sustained improvement in employment or living standards, with private investment still the central constraint.
