Credit growth springs a positive surprise
By Andries Mahlangu - Jul 31st, 09:50
Growth in credit granted to the private sector accelerated more than expected in June, an encouraging sign from a market that has been relatively subdued since the start of 2018.
Private sector credit extension (PSCE) grew at an annual rate of 5.68% in June, from 4.54% in May, Reserve Bank data showed.
Trading Economics had anticipated PSCE growth of 4.7%. Investec had put it at 4.8%.
The main restraining influence on PSCE growth has been the corporate sector, Investec economist Lora Hodes said ahead of the data release.
"The weak economic growth backdrop, along with persistently depressed business confidence and declining investment rates, have contributed to the dampened corporate demand for credit."
M3 money supply, the Bank’s broadest measure of how much money is circulating in the economy, grew 5.77% year on year in June, from 5.73% in May, data showed.
When money supply increases, it typically increases the availability of loans. The higher the money supply growth, the higher the growth in available funds.
Retail sector shows a glimmer of growth
17/10/2018 - 13:32
Retailers surprised economists in August, with annual sales growth of 2.5% — far higher than the consensus 0.3%.
SA Citrus exports close in on 2 million tons
16/10/2018 - 15:07
Yet another important milestone has been reached by the South African citrus industry. According to Justin Chadwick, CEO of the Citrus Growers’ Association, citrus production has reached a record volume packed for export in 2018.
SA could face another VAT increase, say experts
15/10/2018 - 15:16
Senior tax consultant Bernard Sacks told The Weekend Argus that while we will most likely have to wait until the annual budget is delivered in February to find out if a VAT increase is our fate, Tito Mboweni’s medium-term budget policy statement on October 24, his first as finance minister, may provide important clues as to what SA consumers will face next year.
Price of red meat expected to skyrocket due to drought
15/10/2018 - 10:48
The sheep farming area of Beaufort West is suffering from extreme water shortages, and the government and agricultural experts have warned that the price of red meat is set to soar.
SA consumers in tight corner as high prices, fuel hikes take their toll
15/10/2018 - 09:47
With more than 40% of South African consumers being technically over-indebted, the reality is that most of them are no longer able to make any further adjustments to their budgets, Neil Roets, CEO of Debt Rescue, told Fin24.