South African GDP Contracts in Q3 After 4 Successive Quarters of Development

SA GDP Drops 1.5% (QoQ) and a pair of.9% (YoY) Respectively

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SA GDP contracts for the primary time in 2021 after 4 successive quarters of optimistic progress. Eight of the ten manufacturing divisions reported declines for the third quarter. The biggest contributor to the decline was certainly the “motor autos, components and equipment and different transport tools” division which has been below stress, not simply in South Africa however globally too, as chip shortages proceed to hamper the auto sector.

USD/ZAR Struggling to Get well from Latest Weak spot

Having a look on the every day USD/ZAR chart, the Rand has tried to get better current losses however a rampant greenback stands in its means. Regardless of buying and selling under R16.00 to the greenback at occasions, the emergence of upper lows and elongated decrease wicks means that the Rand nonetheless faces a stern problem whether it is to mount a restoration again in the direction of R15.00. As well as, a number of journey restrictions on South Africa through the peak summer season months places additional pressure on the native financial system which can weaken the already susceptible forex.

USD/ZAR Day by day Chart

South African GDP Contracts in Q3 After Four Successive Quarters of Growth

SA Unemployment Rises in Q3

In response to the Quarterly Labour Drive Survey for Q3, unemployment has elevated by 0.5% to return in at 34.9%. The rise in discouraged work-seekers and those that are not economically lively, for causes aside from discouragement, resulted in a net-increase of the non-economically lively inhabitants of 988,000.

SA Unemployment Knowledge Q3 2021

South African GDP Contracts in Q3 After Four Successive Quarters of Growth

Supply: StatsSA

Written by Richard Snow, Analyst

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