Tag: domestic GDP growth
Strong rebound, but growth momentum expected to slow
Real growth in GDP for the third quarter of 2020 surprised the market consensus to the upside in line with a further relaxation in lockdown restrictions on mobility and activity. Growth surged by 66.1% q/q saar in the quarter and exceeded the November 2020 Reuters Econometer median growth forecast of 34.6% q/q saar.
SARB rate cut: support for economy weakened by COVID-19
The Monetary Policy Committee (MPC) once again unanimously voted in favour of lowering the repo rate this month, although 2 out of the 5 members preferred a shallower cut. In a vote of 3 to 2, the MPC decided to lower the repo rate by 50bp to 3.75%.
SARB rate cut: keeping inflation stable and offering some relief
The Monetary Policy Committee (MPC) unanimously decided to decrease the repo rate by 100 basis points to 5.25%. This somewhat unprecedented move was a direct result of the deterioration in economic conditions due to the COVID-19 pandemic experienced in South Africa and across the globe.
