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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’s economy contracted in Q2, but the underlying picture was more nuanced. Domestic demand remained relatively resilient, while weakness was concentrated in trade, manufacturing and mining. Even so, the softer first-half growth profile raises the hurdle for the remainder of 2026.
