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CONSTRUCTION INDUSTRY
MONTHLY MONITOR MONTHLY NEWSLETTER FOR THE SOUTH AFRICAN CONSTRUCTION EXECUTIVE
PUBLISHED BY INDUSTRY INSIGHT CC |
MICROSOFT
www.industryinsight.co.za | T 021 554 0886 CT 011 431 4328 JHB | [email protected]
SEPTEMBER 30, 2014
Monthly Newsletter
For the Construction Executive
September 2014
1
Postnet suite 422, Private Bag X1, Melkbosstrand, 7437
T 021 554 0886 CT | 011 475 3324 JHB |F +27 21 554 0887 | www.industryinsight.co.za | [email protected]
The purpose of the construction monitor is to highlight various issues, trends and indicators affecting the
construction industry. It is designed to be flexible high lighting key aspects in a short concise manner. For more in-
depth analysis of specific trends clients are welcome to contact our office or send a request to
Quick economic update ...................................................................................................................................................... 1 FNB/BER Building and Civil confidence Index .................................................................................................................... 3 Value of construction projects awarded escalate by 15 percent y-y in first eight months of 2014 ................................... 4 Project postponements highlight industry constraints ...................................................................................................... 4 Key building market trends ................................................................................................................................................ 5
The total number of square metres approved for private sector buildings ........................................................ 5 Residential Sector ................................................................................................................................................ 6 Non-residential Sector ......................................................................................................................................... 6
Other construction related indicators making headlines in September 2014 ................................................................... 8
Quick economic update One of the most pressing issues during the month
of September are reports of SA’s trade deficit, that
has widened between June and July 2014, as
imports rose at a faster pace compared to export
growth. The cummulative deficit for 2014 has
increased to R55,5 bn compared with R41,1 bn
during the same period in 2013. However, should
global conditions continue to improve and the
exchange rate remain favourable, this could
support stronge levels of export during the rest of
the year, according to Nedbank economists.
A surprise this month was the announcement by
Gill Marcus, Reserve Bank governor that she would
not be available for reappointment and that she
will be stepping down in November. From the two
most likely candidates, Lesetja Kganyago was
appointed as the 10th governor after some delay.
Marcus’s resignation however shouldn’t have come
as such a surprise. Her five year term expires in
November 2014 and at 65, it would have been
unusual for her to want to stay on.
1 Including employed and self-employed
Indicator
(Y-Y Per Chg. – moving annual total, unless otherwise specified
GDP 0.6%
(2014Q2)
Tender Index 0.0%
(Jul-14)
GFCF (Res, Non-Res,
Civil Works)
6.7% y/y
(2014Q1)
Award Index
(Rm)
-10.5%
(Jul-14)
CPI 6,3%
(Jul-14)
Postponement
rate
5.6%
(Jul-14)*
PPI (manufactured
goods)
8,0%
(Jul-14)
SQM approved 4.1%
(Jun-14)
Lending Rate 9.25 SQM
completed
-7.3%
(Jun-14)
Repo Rate 5.75 House price
growth
9.8%
(Jul-14)
R/US Dollar R10.66
(Jul-14)
Liquidations,
MAT
-18.9%y/y
(Jul-14)
Brent Crude Oil $ $108.64/
barrel
(Jul-14)
Employment
(Total)1
1 182 000
(2014Q2)
Business confidence
(BER)
41.0
(2014Q2)
Building
Contractor
confidence
Index
(FNB/BER)
41.0
(2014Q2)
Input costs
Domestic Buildings
WG 180 CPAP (Stats
SA)
6.4%
(Jul-14)
Civil Contractor
confidence
Index
(FNB/BER)
44.0
(2014Q2)
Wholesale
Construction Building
Materials, Current
prices (Stats SA) - 13
month mov. avg
11.1%
(Jun-14)
Figure 1: Letsetja Kganyago
Monthly Newsletter
For the Construction Executive
September 2014
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On the demand side of the economy, retail sales improved moderatly by 2,4 percent y-y in July, while vehicle sales
fell by 1,4 percent in July, ending flat in the month of August. Growth in the value of private sector plans approved
continued, albeit at a slower pace in July (5,9 percent) compared with the 23 percent increase reported during
June. House prices are performing well, and increased by 10,2 percent y-y in August. Manufacturing remains
depressed, down 7,9 percent in July 2014, but we can expect a somewhat improved performance during August,
as the economy slowly awakens after the negative impact caused by the 7-month industrial strike. Mining
production, as expected was still in the red in July, down 7,7 percent. Kagiso’s Purchasing Mangers Index (PMI)
improved to a level of 48 in August, from 41,9 in July, but the year on year change in business activity was still lower
by 18 percent. The rate of decline did however slow from the 24,4 percent contraction reported in July. The rate
of decline also improved in terms of inventory purchases, down 10,2 percent y-y vs -12,7 percent in the previous
month. New sales orders fell by 12,4 percent y-y in August, compared with a 17,4 percent contraction in the
previous month. Based on the PMI indices it is clear that, 8 months into the 2014, the economy is under severe
strain. Economic growth is forecast at between 1,5 percent and 1,7 percent for 2014. Government’s view on how
to deal with these and other econmic challenges will be presented by the newly appointed Minister of Finance,
Nhanhla Nene, on the 22 October 2014, in his medium term budget speech.
Thus as the economy stutters foreward, more and more the question is aksed on how to unblock the South African
economy. Here are a few interesting view points from three prominent economists:
Kevin Lings, chief economist at Stanlib:
• Government should fast track the development of “ready-to-go” infrastructure projects by engaging more
proactively with the private sector. This has worked well in the development of renewable energy
Adrian Saville, chief investment officer Cannon Asset Managers:
• Spending infrastructure pipeline as this will have a broad positive economic spill over
• Do more business with our neighbouring countries
• Improve the ease of doing business
Azar Jammine, chief economist at Econometrix
• South africa must improve its education outcomes
• As people are more employable they become more productive, earn more and this would reverse the
adversarial labour relations
• Improved training and skills development will help people to be more entrepreneurial, setting up their
own businesses.
• Improved cooperation between public and private sectors is desperatly needed. The public sector need
to recognise that the private sector has a higher portion of skills
In summary, government need to fast track infrastructure spending, improve trade relations with neighbouring
countries, remove red tape in doing business, and focus more strongly on education. Clearly this is much easier
said than done and will require clear long term practical growth policies that are transparent and allows for full
cooperation by both the private and public sector. In other words, it calls for more decisive leadership!
Monthly Newsletter
For the Construction Executive
September 2014
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FNB/BER Building and Civil confidence Index
The FNB/BER released their 3rd quarter building and civil
confidence indices this month. There was a marginal
improvement in the building industry confidence index
which jumped by 4 index points to 45, supported mainly
by improvements in the residential sector. The
confidence index of main contractors however
increased by eight index points to 53, the highest level
since the first quarter of 2008. There was no real change
in non-residential building activity. Overall it remains a
concern that the building industry continues to lack
momentum that will put it on a path of a more
sustainable recovery. And worry some is that this trend
is likely to continue for the immediate to medium term,
as private sector confidence remains weak alongside
poor economic growth, financial constraints and
inflationary pressures. The civil industry confidence
index also picked up somewhat in the 3rd quarter, in
spite of a decline in civil construction activity during the
year. The civil confidenc index rose by four index points
to 48 in the 3rd quarter.
This is how economists, who attended the
Construction Industry Economist Forum (CIEF),
celebrated when an index, which measures
contractor’s confidence, finally increased to above
the 50 basis point. This in effect means, and why it
calls for a celebration, is that for the first time
since 2008, the number of contractors feeling
optimistic outweighs those that are pessimistic.
According to the FNB/BER index the level was at
53 in the 3rd quarter of 2014, as indicated by Dr
Johan Snyman below to Erwin Rode, while Craig
Lemboe focusses on opening the champagne,
compliments of Dr Snyman.
The CIEF was attended by Craig Lemboe (BER), Dr Johan Snyman (MFA), Erwin Rode (Rode & Associates), Pierre
Blaauw (Asla Construction) and Elsie Snyman (Industry Insight).
Figure 2: FNB/BER Confidence index
Monthly Newsletter
For the Construction Executive
September 2014
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Postnet suite 422, Private Bag X1, Melkbosstrand, 7437
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Value of construction projects awarded escalate by 15 percent y-y in first eight months of 2014
The nominal value of civil projects awarded in August
2014 increased by a surprising 39 percent y-y
compared with the same month in 2013, following
the 15,8 percent decrease during the month of July.
The annual rate of change, in the real value of civil
awards in the first 8 months of 2014 moderated to -
18,0 percent y-y, from -24,0 percent in the previous
month.
The value of building projects awarded in August
increased by 78,6 percent compared with the same
month in 2013, signalling the eight months of
consecutive robust growth in the value of building
contracts awarded. In real terms (allowing for
building cost inflation) the value of building awards
have increased by 57 percent y-y in the first eight
months of the year compared to the same period in
2013. Market segments that have supported the
increase, include the commercial sector, education,
housing, and government housing (which would also
include the development of student and hostel
accommodation). We maintain our view that this
does not necessarily mean that the building industry
is on the path of a meaningful recovery. The growth
rates are coming from a much lower statistical base,
is characterised by the awards of fewer but larger
projects that span over many years of development,
while there has been a growing tendency for projects
to be placed on hold.
The number of projects postponed has increased by 52 percent y-y in the eight month period, with over 170 non-
residential contracts already cancelled during the course of 2014. The more positive trend in building awards this
year follows an improvement in the rate by which local authorities have approved building plans for private sector
construction, but this growth path has already started a downward trajectory.
Project postponements highlight industry constraints: Uncertain economic conditions, weak economic growth,
tightening of monetary policy, and sustained pressure on affordability continue to put pressure on project
postponements. The postponement rate2 accelerated to an average of 4,0 percent by end of August 2014, from
3,5 percent in December 2013. While there has been some improvement in the postponement rate of civil projects,
from 2,5 percent (December 2013) to 2,3 percent (August 2014), the postponement rate in respect of building
contracts accelerated from 3,9 percent (December 2013) to 6,3 percent (August 2014), mainly due to an increase
in the postponement of non-residential projects.
For a brief description of projects awarded or out to tender please visit our website.
2 The number of projects postponed expressed as a percentage of the number of tenders received during the same
period.
Monthly Newsletter
For the Construction Executive
September 2014
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Key building market trends
Current
month
Same month
last year
Monthly %
Change
Monthly
Market Share MAT
Mat %
Change
Mat Market
Share
Offices 223,290 182,299 22.5% 15.0% 966,732 9.8% 6.3%
Shops 48,465 48,557 -0.2% 3.3% 936,360 -8.1% 6.1%
Industrial 105,397 139,000 -24.2% 7.1% 1,793,194 13.3% 11.6%
Other 48,991 31,139 57.3% 3.3% 433,307 3.9% 2.8%
Housing 682,553 652,671 4.6% 45.9% 7,098,215 2.2% 46.1%
Renovations
Housing 287,121 316,025 -9.1% 19.3% 3,096,714 -1.0% 20.1%
Renovations
Other 92,160 123,700 -25.5% 6.2% 1,074,734 -6.2% 7.0%
Total 1,487,977 1,493,391 -0.4% 100.0% 15,399,256 1.8% 100.0%
The total number of square metres approved for
private sector buildings fell by 0,4 percent y-y
during the month of July 2014, following the 15,2
percent increase reported in June 2014. A total of
1,487,977 sqm were approved during July,
relatively on par with approvals in July 2013.
However, approvals for new office space increased
by 22,5 percent, while “other” buildings increased
by 57,3 percent. Other generally includes hospital
and schools, funded by the private sector.
Approvals for housing increased by 4,6 percent,
contributing 46 percent to the total number of
sqm approved during the month. No real change
was reported in approvals for new shopping space,
while industrial space fell by 24,2 percent. The
number of sqm approved for renovations also
contracted during the month of July when
compared to the same month in 2013.
The total number of sqm approved increased by
278,821 sqm (to 15,399,256 sqm) in the 12 months
to July 2014 with an estimated construction value
at an average building rate of R7000/m2 of R2bn.
The total number of square metres completed
during the month of July 2014 was 10,5 percent
lower compared to July 2013, and this resulted in
the annual growth rate accelerating to -10,3
percent year on year over the last 12 months. Thus
in the 12 months to July 2014 over 1 million fewer
sqm were completed compared to the 12 months
up to July 2013. In rand terms, this could be as high
as R7bn less investment.
Completions in the residential sector fell by 11,7
percent year on year (Jul-14, MAT) vs a 7,1
percent contraction the number of non-
residential sqm completed.
Figure 3: Plans approved vs buildings completed | Unit
SQM | Y-Y percentage change, MAT
Figure 4: Residential market segment: Approved vs
Completed | Y-Y percentage change, MAT
Figure 5: Non-Residential market segment: Approved
vs Completed | Y-Y percentage change, MAT
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September 2014
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Residential Sector
Slower growth in approvals for new construction
while the rate of completions are falling rapidly
There was no change in the number of sqm
approved for residential construciton during July
2014, as the 4,6 percent increase in new residential
approvals as offset by a 9,1 percent contraction in
approvals for home renovations.
The annual growth rate in residential approvals
(over the last 12 months) slowed from 2,5 percent
y-y in June 2014 to 1,2 percent in July 2014.
The rate of completions are still firmly in the red,
down 15,1 percent in the month of July 2014
compared to last year, and is curently down 11,7
percent y-y measured over the last 12 months to
July 2014. The rate of decline has accelerated from
the 5,9 percent increase reported in 2013.
Approvals for Flats and Townhouses (SQM)
increased by 14 percent during the month of July
2014. The annual growth rate deteriorated since
2013, reaching -4,2 percent y-y in the 12 months to
June 2014 (from a positive growht of 2,4 percent in
2013). However more positive growth in the last 2
months (June and July) resulted in the annual
growth ending flat in the 12 months to July 2014.
The average size per unit approved was
considerably larger in July, averaging 121sqm/unit
vs an average of 95 sqm/unit approved in June.
Approvals for luxury homes (larger than 80 sqm)
increased by 8 percent y-y in July 2014, with 1688
units approved. The average size per unit was
263sqm/unit (July) slightly smaller than the average
size approved in June. Measured over the last 12
months, the annual growth rate moderated slighly
from 3,9 percent y-y in the 12 months to June to 3,6
percent in July.
Please note that this data does not include housing
opportunities presented by government’s rental
and social housing programmes.
Details pertaining to provincial trends are provided
to Investment Map clients
Non-residential Sector
Surprise uptick in approvals for new non-
residential space, but the current growth in
completions has slowed dangerously close to the
red
The number of sqm approved for private sector
non-residential construction fell by 1,2 percent in
July 2014, inspite of a 6,3 percent increase in the
sqm that were approved for the development of
new non-residential buildings. This increase was
counteracted by a 25,5 percent decline in approvals
for renovations to existing non-residential
buildings.
The annual growth rate over the last twelve
months, moderated from 6,9 percent y-y in June
2014 to 3,2 percent in the 12 months to July 2014.
The number of sqm approved for office space
increased by 22,5 percent in August 2014 compared
to the same month in 2013, increasing the year on
year percentage increase in the first seven months
to 48 percent. Western Cape contributed 85
percent to the growth in sqm approved during this
period, followed by Kwazulu Natal.
There was no real change in sqm approved for retail
space during the month of July, and is still down 45
percent year on year in the first seven months of
2014. There are still opportunities for growth in
retail development in the Western Cape, where
approvals have increased by 73% or 40 099sqm to
94 529 in the first seven months.
Industrial space fell by 24 percent y-y during the
month of July 2014, but as approvals are relatively
erratic, there was only a 2 percent increase
recorded in the first seven months compared with
the same period in 2013. However, over the last
twelve months, approvals were up 13 percent, but
this may be on a more downward trajectory. With
over 11 000 sqm approved for industrial
development in the Free State, this province is now
in the lead with the strongest growth reported in
the first seven months, although not the province
with the highest sqm approved. Gauteng still takes
the lead with 348 365 sqm approved in the first
seven months, although this was 11 percent lower
when compared to the same period in 2013.
Monthly Newsletter
For the Construction Executive
September 2014
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Figure 6: Office space approved / completed
Figure 7: Industrial space approved / completed
Figure 8: Retail space approved / completed
Figure 9: Renovations other buildings approved /
completed
Don’t forget to visit our Facebook page for regular
updates on developments affecting the South African
construction industry
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For the Construction Executive
September 2014
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Postnet suite 422, Private Bag X1, Melkbosstrand, 7437
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Other construction related
indicators making headlines in
September 2014
• There was a 32 percent increase in the
number of projects placed on hold, during
the month of August, with a 31 percent
increase reported in civil projects and a 78
percent increase in building projects. If we
compare the trend for the year (January to
August), there seems to a tendency for
non-residential projects to be placed on
hold, as the number of postponments for
residential projects increased by 156
percent. This could be related to the
weaker than expected start to the
economy in 2014, hampered by violent
industrial strike action, higher inflation
and a tightening of monetary policy.
• Input costs for domestic buildings
accelerated to an annual increase of 6,7
percent in August 2014 from 6,6 percent in
July. Input costs for commercial buildings
also accelerated from an annual increase
of 6,3 percent in July to 6,5 percent in
August, as the price index for glazing
increased by 6,4 percent during the month
of August. The price indices for metal
roofing and aluminium aslo increased by
2,6 percent and 2,4 percent respectively
during the month while electrical price
indices increased by between 2 and 3
percent. Higher steel price announced by
mills during September will add futher
upward pressure on the cost of
construction.
• South African authorities have started a
new investigation into imports of cement
from Pakistan. This time the inquiry will
examine trade dumping allegations made
by local producers including Afrisam,
Lafarge, NPC Cimpor and PPC. The
difference between the price of cement in
Pakistan and for imports from Pakistan in
2013 was 48 percent.
R1bn acid mine drainage project awarded by TCTA to PG Mvhandla/CMC
joint venture
The value of water projects awarded more than doubled in August 2014 which includes the TCTA project, worth
R1bn, for the development of new infrastructure in Gauteng for the Eastern Basin Acid Mine Drainage (although
this project may have been awarded in May/June according to earlier media reports). This contract, according
to information provided by Databuild, was awarded to PG Mavundla (a contractor who upon investigation is
found to listed only as a grade 6 CE contractor which by definition qualifies for projects up to a value of R13m,
and grade 8GB for building projects up to R130m) and CMC – a company not listed on the CIDB contractors
register except for “CMC building and construction” who has an expired status. According to CMC’s website it
is a South African company originally established in 1980 as a vendor of mining equipment, is now active in the
SA Mining and Metallurgical Industry for many years.
PG Mavundla is owned by the former multi-millionaire Greytown Major Philani Godfrey Mavundla, who is also
part of the CMC Impregilo Mavundla joint venture that is building Eskom’s Ingula pumped storage electricity
project in the Little Drakensberg, near van Reenens pass. Philani has close connections with president Zuma and
his company was also involved in construction of the R8bn King Shaka International Airport, and the R1bn Sibaya
Casino and Entertainment Kingdom. Philani recently tied the knot with his fourth wife.
To read more about this project and the residents’ complaints: http://mg.co.za/article/2014-06-19-hope-
springs-not-eternal-in-spat-over-toxic-sludge
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September 2014
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Economic Charts | Demand Side indicators
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September 2014
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Economic Charts | Supply Side indicators
• Manufacturing production fell by 7,9 percent
in July 2014, after having ended flat in June
2014. The purchasing managers index (in the
graph bottom left), recovered to a level of
48.0 in August, from 41.9 in July, as the
economy slowly picks up following the 7
month industrial strike action.
• Retail spending on hardware, paint and glass
increased by 3,1 percent y-y in real terms
during July 2014, from an increase of 5,3
percent y-y in the previous month. The
annual growth rate over the last twelve
months moderated to 4,2 percent y-y, from
5,4 pecent in 2013, compared to an overall
real increase in retail trade of 2 percent y-y
(in the 12 months to July 2014).
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September 2014
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Economic Charts | Prices
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September 2014
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Table 1: Key Macro Economic Indicators – Latest available data as 29 September 2014
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14
US industrial production (y/y%) 3.6 3.9 4.3 4.4 4.8 4.1
UK industrial production (y/y%) 2.5 2.9 2.2 1.2 1.7 #N/A
Japan industrial production (y/y%) 7.3 3.6 2.0 1.6 -0.8 #N/A
US consumer price inflation (y/y%) 1.5 2.0 2.1 2.1 2.0 1.7
Euro-11 consumer price inflation (y/y%) 0.5 0.7 0.5 0.5 0.4 0.4
UK consumer price inflation (y/y%) 2.5 2.5 2.4 2.6 2.5 2.4
US 3-month TB rate (%) 5.2 3.1 3.2 3.6 2.6 3.3
ECB Repo Rate (%) 25.0 25.0 25.0 18.3 15.0 15.0
Brent crude oil ($/bl) 107.9 108.0 109.2 111.8 108.6 103.5
Brent crude oil ($/bl) - y/y% change -1.6 4.0 6.0 8.8 0.9 -6.0
Brent crude oil (Rand/bl) 1159.1 1139.2 1137.3 1193.4 1158.4 1103.6
Brent crude oil (Rand/bl) - y/y% change 15.0 20.5 17.8 15.8 8.6 -0.7
London gold ($/oz) 1336.1 1299.0 1287.2 1278.9 1311.0 1296.0
London gold (Rand/oz) 19846.1 18930.2 18407.0 18548.9 18926.0 18401.3
Exchange Rates
Pound/$ 1.7 1.7 1.7 1.7 1.7 1.7
$/Yen 102.3 102.6 101.8 102.1 101.7 103.0
$/Rand 10.7 10.6 10.4 10.7 10.7 10.7
Euro/Rand 20.5 20.1 19.6 19.7 19.5 18.9
Pound/Rand 17.9 17.7 17.5 18.0 18.2 17.8
Yen/Rand 6.9 7.0 7.1 7.0 7.0 7.3
Monetary Sector
M3 (y/y%) 7.9 7.0 7.6 7.2 6.9 #N/A
Domestic private sector credit (y/y%) 8.7 8.3 8.3 8.7 9.8 #N/A
Prime overdraft rate (% p.a.) 9.0 9.0 9.0 9.0 9.1 9.3
3-Month BA Rate (% p.a.) 5.6 #N/A #N/A #N/A #N/A #N/A
Prices
CPI Headline inflation (y/y%) New basket as
from January 2009 108.7 109.2 109.4 109.7 110.6 111.0
CPI inflation (y/y%) 6.0 6.1 6.6 6.6 6.3 6.4
PPI: Domestic output - All groups 245.8 248.2 248.6 249.3 250.6 250.6
PPI: Domestic output - All groups y/y 8.2 8.8 8.7 8.1 8.0 7.2
Gauteng pump price (c/l) 1411.0 1416.0 1401.0 1379.0 1408.0 1408.0
Petrol price (y/y%) 9.6 9.2 14.5 13.4 8.3 5.7
Real economic indicators
Retail sales (y/y%) 0.5 2.2 2.8 -0.9 2.4 #N/A
Manufacturing production (y/y%) 1.0 -1.9 -3.9 0.2 -7.9 #N/A
Total vehicle sales (y/y%) 1.6 -9.0 -9.2 -2.2 -1.8 0.4
Mining production (incl gold) (y/y%) -3.2 1.8 -6.2 -5.4 -7.7 #N/A
Value of buildings completed (y/y%) -2.0 -15.5 -21.8 -13.8 4.9 #N/A
Value of building plans passed (y/y%) 13.8 2.8 5.6 23.3 5.9 #N/A
SARB leading indicator (90=100) 99.5 99.3 99.5 99.9 100.2 #N/A
Absa House Price Index (y/y%) 8.7 8.9 9.3 9.8 10.1 10.2
PMI Manufacturing Business Activity Index
(SA) 51.0 48.5 42.5 39.5 39.4 47.4
PMI Manufacturing Inventories Index (SA) 53.7 52.5 50.1 58.8 47.3 50.7
PMI Manufacturing New Sales Orders Index
(SA) 46.6 43.5 44.8 43.9 45.4 49.8
PMI Manufacturing Business Activity Index
(SA) y/y% 7.9 -4.6 -15.3 -24.5 -24.4 -18.2
PMI Manufacturing Inventories Index (SA)
y/y% -0.2 14.6 -5.7 9.7 -12.7 -10.2
PMI Manufacturing New Sales Orders Index
(SA) y/y% -7.9 -16.7 -12.0 -18.8 -17.4 -12.4
PMI Manufacturing Business Activity Index
(SA) m/m% 5.4 -4.9 -12.4 -7.1 -0.3 20.3
PMI Manufacturing Inventories Index (SA)
m/m% -9.9 -2.2 -4.6 17.4 -19.6 7.2
PMI Manufacturing New Sales Orders Index
(SA) m/m% -12.7 -6.7 3.0 -2.0 3.4 9.7
#N/A = Data not yet available