Africa

Africa Data Response

Africa Data Response

South Africa Consumer Prices (Aug.)

South Africa’s headline inflation rate picked up to 4.9% y/y in August but the temporary factors behind the rise are unlikely to worry policymakers. Subdued core price pressures and the slow economic recovery mean that we expect the Reserve Bank to keep rates on hold on Thursday and well into 2022.

22 September 2021

Africa Data Response

Nigeria Consumer Prices (Aug.)

The drop in the headline inflation rate in Nigeria, to 17.0% y/y in August was, once again, driven by easing food price pressures, although core inflation also eased. This is likely to reassure policymakers and we expect the benchmark rate to remain unchanged this month and beyond.

15 September 2021

Africa Data Response

South Africa Manufacturing Production (Jul.)

South Africa’s manufacturing sector suffered a larger-than-expected fall in output in July and, while more timely data point to a rebound in activity, the weakness in July has increased the chances that the economy contracts over Q3 as a whole.

9 September 2021
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Africa Data Response

South Africa GDP (Q2)

South Africa’s economy grew by a better-than-expected 1.2% q/q in Q2 as strong growth in exports made up for weak domestic demand. Tighter virus restrictions and violent unrest weighed on activity at the start of Q3 and the recovery is likely to be slow going from here on. This, combined with subdued inflation, means that the central bank is likely to raise interest rates later than most currently expect.

Africa Data Response

South Africa Manufacturing PMI (Aug.)

South Africa’s manufacturing PMI bounced back last month following a sharp drop in activity in July on the back of violent unrest and tighter virus containment measures. But persistent headwinds will probably continue to hold back the recovery over the coming months.

Africa Data Response

Nigeria GDP (Q2)

The pick-up in Nigeria’s headline GDP growth to 5.0% y/y in Q2 was largely reflective of favourable base effects created by the sharp downturn a year ago. It appears that the underlying pace of growth actually slowed in Q2 and we think that the recovery will continue to disappoint over the next few years.

Africa Data Response

South Africa Consumer Prices (Jul.)

South Africa’s headline inflation rate eased in July, to 4.6% y/y, as fears that recent violent unrest would fuel inflation pressures proved to be overdone. Underlying price pressures remain soft and, against that backdrop, we think that interest rates will remain on hold for longer than investors currently anticipate.

18 August 2021

Africa Data Response

Nigeria Consumer Prices (Jul.)

Policymakers will probably take comfort in the latest fall in Nigeria’s headline inflation rate, to 17.4% y/y in July, even as price pressures mount in major price categories outside of food. Interest rates are likely to be left unchanged throughout the next couple of years.

17 August 2021
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