South Africa’s current account deficit widened more than expected in the second quarter, to 6.2% of gross domestic production, from 4.5% in the first quarter. The rand reacted negatively, falling to a 7-month low, trading at R11/$.
Expectedly, mining and manufacturing output plummeted 7.7% and 7.9%, respectively, year on year in July. The contraction is mainly as a result of the five-month strike activity followed by weak demand. These disappointing figures do not bode well for the expected third quarter growth...
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