Tag: SAEconomy

The operating environment in 2025 remained volatile and uncertain. Geopolitical conflict, policy uncertainty and US tariffs drove this instability. Closer to home, South Africa made progress across several fronts. As a result, financial markets, corporates and individuals adopted a more optimistic outlook. The South African economy outperformed expectations. Real GDP growth more than doubled to 1.2% year on year during the first three quarters of 2025.

This year's national budget was delivered against a more supportive domestic backdrop. Export commodity prices were firmer, energy availability improved and funding pressures eased modestly due to lower government bond deals. In many respects, this was an encouragingly stable budget. It signals that South Africa is steadily moving toward a better fiscal space.