South Africa: soft end to 2025 but reasons to be upbeat
The latest batch of activity data from South Africa point to GDP growth softening to 0.2-0.3% q/q in the final quarter of last year. But we remain optimistic that a combination of easing supply side constraints, improved terms of trade, low inflation and looser monetary policy will result in above-consensus growth of around 2.3% this year.
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