The SA housing market could deteriorate this year due to expected interest rate hikes of between 1.5% and 3%, warned Neville Berkowitz, property economist and adviser to estate agency HomeBid. His research shows that 289 631 homes were sold and transferred in 2015 - 0.2% fewer than in 2014. The average house price was R1 234 120 in 2015 - up 0.94% compared to 2014. "Home buying and selling activity as well as house prices are expected to deteriorate this year and there are a number of … [Read more...] about Fear-driven economy affects property sales
economy
Big plans for Eastern Cape’s Ocean Economy
Hurry up and head for the sea ... because that's where a vast reservoir of economic potential is just waiting to be discovered. Dubbed Operation Phakisa (a Sotho word meaning "hurry up"), the government plans to tap into the resources of the oceans around South Africa which it believes is the new frontier for the country's future economic growth. Inspired by Malaysia's "Big Fast Results" programme, Operation Phakisa aims to fast-track the delivery of priorities as outlined in the country's … [Read more...] about Big plans for Eastern Cape’s Ocean Economy
Economy predicted to recover
Despite the country's Business Confidence Index falling to its lowest level since 1993, the economy is well positioned to recover from the current slowdown, said Brand South Africa. "It cannot be disputed that the South African economy is experiencing challenges with the World Bank and the South African Reserve Bank having revised growth targets downwards in the recent weeks," it said on Tuesday. However, according to Brand SA, the country has a range of strengths that can be leveraged to … [Read more...] about Economy predicted to recover
How to grow the Eastern Cape’s economy
Fresh views on how to grow the Eastern Cape's economy by tapping into the minds and energy of the province's brightest young researchers and scholars will be aired at a socio-economic policy conference in Grahamstown on September 28. An initiative by the Eastern Cape's Department of Economic Development, Environmental Affairs and Tourism (DEDEAT), this annual conference pulls together emerging scholars and post-graduate students from the Eastern Cape's four universities. Hosted by Rhodes … [Read more...] about How to grow the Eastern Cape’s economy
The one thing that could make SA’s economy grind to a halt
If consumer confidence continues to dwindle, the South African economy will grind to a halt, according to the SA Institute of Race Relations (IRR). An IRR report highlights consumer behaviour and spending power, and how much the South African economy depends on consumption expenditure. The report found that because consumers are under growing economic pressure, the economic outlook was even worse. Consumer spending plays a pivotal role in the economy, with household consumption expenditure … [Read more...] about The one thing that could make SA’s economy grind to a halt
Negative outlook for SA economy
Responding to Fitch Ratings' latest rating assessment of South Africa, the government said it recognised that the country’s economic growth needs to be accelerated, and that it is addressing the issues raised by the ratings agency at the highest level. Fitch has affirmed South Africa's long-term foreign and local currency Issuer Default Ratings at "BBB" and "BBB+" respectively, and also affirmed the negative outlook. Fitch said key drivers for the rating decision included weak economic … [Read more...] about Negative outlook for SA economy
EC Economy critical to growing SA’s GDP
The Chairperson of the Select Committee on Trade and International Relations, Eddie Makue, has called on government to make the Eastern Cape the next area of growth for South Africa’s economy. Makue said the province’s booming car manufacturing sector, Coega development on the Port of Ngqurha, and the long coastline all ought to be injected with the necessary resources and support from the national government in order to maximise economic benefits. “The EC economy, and all the … [Read more...] about EC Economy critical to growing SA’s GDP
SA economy battling to get out of the woods
Statistician-General Pali Lehohla said today that the country's economy has battled to fully recover from the impact of the 2009 recession due to low productivity in the mining and manufacturing sectors. The sluggish growth has mainly been attributed to the bruising strikes in both sectors that have led to contractions in the first quarter. Lehohla was briefing journalists at Tshedimosetso House, in Pretoria, on the impact of the losses in production in manufacturing and mining on the … [Read more...] about SA economy battling to get out of the woods
Economic growth expected to slow in coming months
While South Africa's economic activity expanded in the second quarter, economic growth is likely to slow in the coming months, says the Reserve Bank. "Domestic economic activity is expected to moderate from the second to the third quarter of 2012," said the central bank in its October Monetary Policy Review. The country's real gross domestic product (GDP) accelerated to 3.2% in the second quarter from 2.7% in the first quarter. The increase in GDP was mainly driven by the primary sector, … [Read more...] about Economic growth expected to slow in coming months
Modest Outlook for SA Economy
South Africa's economic outlook remains modest, says the Reserve Bank in its Monetary Policy Review (MPR). "The economic outlook for South Africa remains modest with a gradual recovery in domestic demand and supply expected, barring further international turbulence," said the central bank as it released the MPR on Tuesday. In the review that is released twice a year, the bank said the increased uncertainty regarding developments in Europe and associated global financial market turbulence … [Read more...] about Modest Outlook for SA Economy
Economy Car Parts for older models
The Group Parts Division of the Volkswagen Group South Africa has introduced a range of affordable parts for its Volkswagen models that are older than five years. 'Economy Parts' as they are branded, have been specifically designed for Volkswagen and Volkswagen Commercial Vehicles models whose warranty period has expired. These parts have been available to customers in Germany and some other key markets for some time and this offering is now available to customers in South … [Read more...] about Economy Car Parts for older models
Expenditure Growth Rate Slows
The South African economy's spending growth eased in the second quarter of 2011 due to a contraction in government spending and slowdown in consumer spending, said the Reserve Bank. In its September Quarterly Bulletin released on Tuesday, the central bank said growth in real gross domestic expenditure decelerated from an annualised rate of 7.9% in the first quarter to 1.3% in the second quarter. "This deceleration primarily resulted from a contraction in real final consumption expenditure … [Read more...] about Expenditure Growth Rate Slows
South African Economy Still Faces Tough Time
Although South Africa's economy is showing growth, it continues to face uncertain times, says Deputy Finance Minister Nhlanhla Nene. "There is no room for complacency and we continue to face a great deal of uncertainty during this current period of adjustment within the global economy," he said. The deputy minister was speaking at an event hosted by the Sugar Industry Trust Fund for Education in Durban on Wednesday. In the first quarter of 2011, South Africa's economy grew by 4.8 … [Read more...] about South African Economy Still Faces Tough Time
The Economy of Ecology
The second annual Absa Wildlife Conference will be hosted in Kirkwood, Eastern Cape, on Friday, 1 July 2011. The conference is regarded as one of the flagship events on the Absa Kirkwood Wildsfees programme. The Absa Wildlife Conference aims to empower the private sector to invest in sustainable wildlife management strategies. This year's conference theme, "The Economy of Ecology", endeavours to deliver a perspective on the financial value of conservation, biodiversity and responsible … [Read more...] about The Economy of Ecology
GDP Expected to Reach 3.8% in 2011
Growth of the South African economy is forecast to reach 3.8 percent in 2011, the Bureau for Economic Research (BER) said on Thursday. "For 2011, the BER has made an upward revision to the SA GDP growth forecast of 0.4 percent points to 3.8 percent," the BER said in its first quarter prospects for the South African economy. The improved outlook stems from a more optimistic projection of household consumption expenditure. "The result is that gross domestic expenditure (GDE), the broadest … [Read more...] about GDP Expected to Reach 3.8% in 2011
