News24
11 Sep 2019, 17:44 GMT+10
An economic index that tracks interbank payments suggests that South Africa can expect flat economic growth for the third quarter of the year.
The BankervAfrica Economic Transactions Index for August was published on Wednesday. Quarterly and the monthly numbers both showed declines of 0.9% in August.
"The [index] suggests the economy is stagnating again. It is clear that the strong positive GDP growth of Q2 2019 will be substantially softer in the third quarter as the data thus far shows," BankervAfrica said in a statement.
It said that while changes in metrics for September could still alter third quarter growth, current data for the quarter "gives little hope of another quarter with a 3% GDP increase".
SA's quarterly economic growth rate plunged at the start of the year, declining by a restated 3.1% - its biggest fall in a decade. But unlike the start of 2018, the county didn't fall into at recession after growth in the second quarter rebounded by 3.1%.
The country's predicted GDP growth rate has been repeated downgraded this year, while unemployment has risen to record highs.
On Tuesday ratings agency Moody's lowered SA's 2019 growth rate to 0.7%, in line with predictions previously made by the SA Reserve Bank. The agency said, however, there was a low likelihood that it would downgrade SA's sovereign credit rating to junk in the near future.
Get a daily dose of Afghanistan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.
More InformationDOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...
On Monday, authorities in Baku detained three Russian journalists following a police crackdown on suspected Azerbaijani gangs in Russia...
Astana [Kazakhstan], June 30 (ANI): India began its campaign at the World Boxing Cup Kazakhstan 2025 on a promising note with Hitesh...
An editor with video news agency Ruptly has been detained while filming a police raid on Russias Sputnik outlet The Azerbaijani authorities...
An editor with video news agency Ruptly has been detained while filming a police raid on Russias Sputnik outlet The Azerbaijani authorities...
Jalalabad [ Afghanistan], June 30 (ANI/WAM): The UAE-funded maternity clinics are bringing hope to Afghan families. In Jalalabad, Nangarhar...
Baku has arrested the head editors of Sputnik Azerbaijan news agency Authorities in Baku have detained the head editors of Russian...