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Local private sector activity expanded during the first five months of 2021. Alongside improved consumer sentiment, data from PwC reports and other sources also reflect an increase in spending on durable household goods, digital media and entertainment, as well as hotels and restaurants.
However, private sector output declined in June due to the reintroduction of stricter lockdown measures – to level 3 on June 16 and level 4 from June 28. During the second week of July, the country also experienced unrest in Gauteng and KwaZulu-Natal. These events and their economic impacts overlapped with a peak in the third wave of COVID-19 infections.
PwC’s South African Economic Outlook 2021 (July) report updates our different forward-looking scenarios for the South African economy in 2021-2022. Our economic forecasts are influenced by assumptions about the adverse impact of COVID-19 lockdown restrictions, electricity load-shedding and unrest on business and consumer activity, combined with the positive impact of fiscal and monetary policy support.
Key content in this edition includes:
This document provides forecasts for economic and employment growth, the unemployment rate, consumer price inflation, interest rates and the exchange rate. The report and associated projections are updated on a monthly basis - thought revisions could occur more frequently based on major economic data releases or key influential events. This edition is up to date as of 13 July 2021.