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BankservAfrica: SA economy showing signs of improvement

BankservAfrica's Sheragen Naidoo says while the economy is still in a decline, the latest data shows that the economy is looking stronger than previous months.

Picture: Pexels

JOHANNESBURG - The South African economy is showing signs of improvement as it gets into the third quarter.

That's according to BankservAfrica’s monthly Economic Transaction Index report released on Wednesday.

The local economy is in recession for the first time since 2009.

BankservAfrica's Sheragen Naidoo says while the economy is still in a decline, the latest data shows that the economy is looking stronger than previous months.

“With these two months… August numbers, it’s an indication that we are possibly moving into the right direction and that’s something to be mindful of. It doesn’t necessarily mean that we are out of the woods as yet, it doesn’t mean the economy is out of recession, but it does mean there’s possible hope.”

This comes as the South African Chamber of Commerce and Industry's Business Confidence Index has fallen to 90.5 in August from 94.7 the previous month.

It's due to a decline in export volumes, a weaker rand and higher inflation.

Business confidence raced to a two and a half year high in January after Cyril Ramaphosa's election as African National Congress leader with the private sector anticipating business-friendly policy changes following years of uncertainty under former President Jacob Zuma.

(Edited by Thapelo Lekabe)