Mineral prices starting to recover
The recent recovery of mineral prices is beneficial for South Africa’s economy, which relies heavily on commodity exports for foreign exchange earnings. Since the lows of March and April, the prices of South Africa’s top six minerals have increased, with manganese rising by 36%, gold reaching record levels, and platinum, iron ore, and coal all experiencing price increases above 5%. Chromium ore has also seen a slight price rise.
Rand breaks through the R18 level to the dollar
One hour before the inauguration of President Cyril Ramaphosa for a second five-year term as head of state, South Africa’s currency had broken through the R18 level against the US dollar for the first time in almost a year, trading at R17.94.
Manufacturing sales advance further
South Africa’s manufacturing sector sales performance continues to reach new record high levels, with a cumulative figure of R1.1 trillion achieved between January and April. It is the second successive year that manufacturing sales breached the R1 trillion level within merely four months.
Marginal GPD growth secured in first quarter
Statistics SA has released the GDP figures for the first quarter of 2024, once more confirming that economic growth remains in place, albeit at a snail’s pace. According to Statistics SA, the year-on-year real growth rate in the country’s GDP amounted to 0.5% in the first quarter of 2024, following an increase in total production of 1.4% in the fourth quarter of 2023.
Cape Town Shines In Global Conference Rankings – 30th May 2024
May has been a positive month for South Africa’s tourism industry, highlighted by significant improvements in the Travel & Tourism Development Index (TTDI) and impressive rankings in the International Congress and Convention Association (ICCA) global conference popularity rankings. After a two-year hiatus due to the COVID-19 pandemic, the ICCA resumed its rankings based on in-person meetings, with South Africa placing 41st among 180 countries and Cape Town ranking 63rd out of over 1,200 cities, surpassing cities like Rio de Janeiro, Washington, and Los Angeles.
Increase in South Africa’s Tourism Competitiveness – 23rd May 2024
April saw a welcome recovery of two key Purchasing Managers’ Indices, perhaps signalling a measure of stabilisation of economic conditions in South Africa.
Rebound In Purchasing Managers’ Indices – 16th May 2024
April saw a welcome recovery of two key Purchasing Managers’ Indices, perhaps signalling a measure of stabilisation of economic conditions in South Africa.
Rand’s Hot Streak Continues Into May – 9th May 2024
During the first week of May, South Africa’s currency performance has been even more impressive, leaving all the world’s key currencies in its wake.
Full Recovery For Hotel Accommodation Income
South Africa’s tourism industry has managed to claw its way back to almost the same levels of activity as before the Covid pandemic, in line with global trends.
The Case For A Lower Repo Rate Strengthens
Trends for three key indicators were published this week that collectively strengthen the case for a lowering of the Reserve Bank’s repo rate, which will automatically impact the prime overdraft rate of the commercial banks.