At Midday on Tuesday, the Statistician General of South Africa, Risenga Maluleke delivered the worst economic news in a generation.
The Statistician-General Risenga Maluleke says incidents of double voting had no material impact on the outcome on the recent 2019 national and provincial elections.
Parliament’s Portfolio Committee on Labour and Employment says it will have to further interrogate the quarterly labour force survey by Statistics South Africa on unemployment to understand its authenticity and the method used to arrive in its findings.
Figures released by Statistics South Africa indicate that transport costs were the most significant contributor to the consumer inflation number in August.
Statistics SA says 2.2 million jobs were lost in South Africa in the second quarter of 2020. It has released the unemployment figures for the second quarter, announcing that the unemployment rate decreased to 23.3% from 30.1% in the first quarter.
The Reserve Bank has decided to keep the repo rate unchanged at 3.5%, meaning that the prime lending rate remains at 7%. Kganyago has cited volatile global economic and financial conditions as reasons for the decision.
As the South African Reserve Bank’s Monetary Policy Committee (MPC) prepares to make a rate decision on Thursday afternoon, President Cyril Ramaphosa says many South Africans have benefited from the current low interest rate environment.
Rating agency Moody’s says South Africa will take longer than most countries to revive its economy and increase GDP after the coronavirus pandemic.
Investors predict more interest rate cuts by the Reserve Bank following Tuesday’s historic contraction in the country Growth Domestic Product.