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Economics

Economics Weekly

FNB HPI and Stats SA's RPPI: A comparative analysis

In this note, we explore the methodologies underlying South Africa's two key house price indices: Stats SA's Residential Property Price Index (RPPI) and FNB's House Price Index (HPI). While both indices aim at capturing housing market trends, they employ distinct approaches, each offering unique strengths and limitations. For real estate practitioners and policymakers, a clear understanding of these differences is essential for accurately interpreting the insights that each index provides about the housing market.

29 December 2024

Flash Notes

Mining output: Sustained annual growth in October

10 December 2024

Economics weekly

Economic outlook update: Weaker agriculture drags 2024 growth

09 December 2024

Flash Notes

GDP unexpectedly declines in 3Q24

03 December 2024

Economics weekly

SARB maintains gradual cutting cycle

The Monetary Policy Committee (MPC) delivered a 25bps cut at their November meeting yesterday, as expected, and their cautious approach prevails. The South African Reserve Bank (SARB) is now 50bps into the local cutting cycle, while the policy rate is 75bps down in the United States and over 100bps down in the Euro area. While some spectators may have anticipated a 50bps cut, the MPC made it clear that it was not a consideration in their discussions and, like the Fed, the SARB is signalling that it is not in a hurry to neutralise interest rates. A gradual cutting cycle should stabilise upside inflation risks, and the MPC considers the outlook as balanced.

22 November 2024

Flash Notes

Retail sales undershoot expectations in September

21 November 2024

Flash Notes

Consumer inflation settles below the bottom of the inflation target band

20 November 2024

Economics weekly

Expectations ahead of the final MPC meeting for 2024

15 November 2024

Flash Notes

Mining output: A sustained recovery in September

14 November 2024

Flash Notes

Manufacturing output unexpectedly declined in September

Manufacturing output, not seasonally adjusted, contracted by 0.8% y/y in September, following a revised 0.8% y/y contraction (previously -1.2%) in August. The outturn was a surprise, defying the Reuters consensus prediction of a 0.9% y/y expansion.

12 November 2024

Flash Notes

3Q24 QLFS: A better outcome, employment still stalled by lack of robust growth

12 November 2024

Economics weekly

A new chapter for fiscal policy

08 November 2024

Economics weekly

2024 MTBPS: Emphasis on public-private infrastructure investment for inclusive and sustainable growth

01 November 2024

Economics weekly

2024 Medium-Term Budget Policy Statement: Balancing consolidation and growth

30 October 2024

Economics weekly

Budget Preview: 2024 Medium-Term Budget Policy Statement

On 30 October 2024, Finance Minister Enoch Godongwana will present the 2024 Medium Term Budget Policy Statement (MTBPS), offering an updated view of the medium-term fiscal framework. This will be the first MTBPS presented under the Government of National Unity (GNU), and it is expected to reinforce the government's ongoing fiscal consolidation efforts.

25 October 2024

Economics weekly

2Q24 Credit markets paint a mixed picture

18 October 2024

Flash Notes

Retail sales surge in August

16 October 2024

Economics weekly

The Middle East boiling pot: A key risk to our outlook

11 October 2024

Flash Notes

Manufacturing output declined in August

10 October 2024

Flash Notes

Mining output: A modest recovery in August, but outlook remains cautious

Mining production, not seasonally adjusted, increased by 0.3% y/y in August, following a revised 1.0% y/y contraction in July (previously -1.4% y/y). The outturn exceeded Reuters' consensus, which had anticipated a 2.1% y/y contraction.

10 October 2024

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Mining output: Sustained annual growth in October

10 December 2024

Flash Notes

GDP unexpectedly declines in 3Q24

03 December 2024

Flash Notes

Retail sales undershoot expectations in September

21 November 2024

Flash Notes

Consumer inflation settles below the bottom of the inflation target band

20 November 2024

Flash Notes

Mining output: A sustained recovery in September

14 November 2024

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01 March 2020

Disclaimer

This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable but is not guaranteed for correctness, completeness or otherwise and we do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein irrespective of whether there has been any negligence by us, our affiliates or any other employees of us, and whether such losses be direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analysis is rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performances. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors and FNB bares no responsibility whatsoever arising from or as a consequence hereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact his relationship manager for a personal financial analysis prior to making any investment decisions. Copyright 2023.

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).