Stats SA released South Africa’s GDP figures for the first quarter of 2019 reveals that the country’s basket of goods declined 3.2 percent since 2018 Q4. Mining and manufacturing data which slowed this year has been linked to the country’s slow economic growth.
This is a crucial week for the flagging South African economy. Newly elected president Cyril Ramaphosa is expected to name his cabinet, the key people charged with driving the economy towards growth to ease unemployment and stave off the threat of downgrades by the ratings agencies later in the year. Economists and experts have been talking all week to CNBC Africa about who should be in cabinet and what shape economic policy should take.
The rand is trading mixed today as the ruling African National Congress looks on track for a convincing win in national elections. According to a projection, the ANC is set to win over 55% of the vote. This would mean a substantial reduction from the last national contest in 2014.