Flash Notes
Manufacturing output remains under pressure despite monthly rebound
Manufacturing output (not seasonally adjusted) declined by 4.3% year-on-year (y/y) in May, worsening from the 2.9% decline recorded in April. The outturn was also weaker than the Bloomberg consensus expectation of a 3.1% contraction.
09 July 2026
Flash Notes
Growth momentum sustained in 1Q26, supported by financial services and agriculture
09 June 2026
Flash Notes
Retail sales growth ticks higher in March
Retail sales growth increased to 2.6% year-on-year (y/y) in March, up from 1.6% in February, broadly in line with market expectations of a 2.5% expansion. On a month-on-month (m/m) basis, sales volumes edged up by 0.1%, recovering from a 1.1% decline in the previous month.
20 May 2026
Flash Notes
Mining output momentum carries over to February
Mining production (not seasonally adjusted) expanded strongly by 9.7% y/y in February, reflecting an acceleration from an upwardly revised 5.0% (previously 4.6%) expansion in January. Seasonally adjusted mining output, which is critical for the calculation of quarterly GDP growth, increased by 2.3% m/m, following a 3.7% (originally 2.9%) increase in January. In the three months to February, seasonally-adjusted output was down by 1.7%. However, the sector should still underpin first-quarter GDP growth as March's output would have to decline sharply for the sector to drag on 1Q26 GDP.
14 April 2026
Flash Notes
Retail sales wane in December
Retail sales growth decelerated to 2.6% y/y in December, down from 3.6% in November (revised from 3.5%), undershooting market expectations of a 3.1% expansion. On a month on month basis, sales volumes declined by 0.4%, partly reversing the 0.6% increase recorded previously.
18 February 2026
Flash Notes
SA economy maintains positive momentum in 3Q25
Real GDP (not seasonally adjusted) grew by 2.1% y/y in 3Q25, up from an upwardly revised 0.9% y/y (previously 0.6% y/y) in 2Q25. The improvement was largely driven by a stronger-than-expected 49.9% y/y surge in agriculture, forestry and fishing. Excluding this notoriously volatile sector, GDP growth would have been closer to 1.1% y/y.
02 December 2025
Flash Notes
Manufacturing output remains under pressure despite monthly rebound
Manufacturing output (not seasonally adjusted) declined by 4.3% year-on-year (y/y) in May, worsening from the 2.9% decline recorded in April. The outturn was also weaker than the Bloomberg consensus expectation of a 3.1% contraction.
09 July 2026
Flash Notes
Growth momentum sustained in 1Q26, supported by financial services and agriculture
09 June 2026
Flash Notes
Retail sales growth ticks higher in March
Retail sales growth increased to 2.6% year-on-year (y/y) in March, up from 1.6% in February, broadly in line with market expectations of a 2.5% expansion. On a month-on-month (m/m) basis, sales volumes edged up by 0.1%, recovering from a 1.1% decline in the previous month.
20 May 2026
Flash Notes
Mining output momentum carries over to February
Mining production (not seasonally adjusted) expanded strongly by 9.7% y/y in February, reflecting an acceleration from an upwardly revised 5.0% (previously 4.6%) expansion in January. Seasonally adjusted mining output, which is critical for the calculation of quarterly GDP growth, increased by 2.3% m/m, following a 3.7% (originally 2.9%) increase in January. In the three months to February, seasonally-adjusted output was down by 1.7%. However, the sector should still underpin first-quarter GDP growth as March's output would have to decline sharply for the sector to drag on 1Q26 GDP.
14 April 2026
Flash Notes
Retail sales wane in December
Retail sales growth decelerated to 2.6% y/y in December, down from 3.6% in November (revised from 3.5%), undershooting market expectations of a 3.1% expansion. On a month on month basis, sales volumes declined by 0.4%, partly reversing the 0.6% increase recorded previously.
18 February 2026
Flash Notes
SA economy maintains positive momentum in 3Q25
Real GDP (not seasonally adjusted) grew by 2.1% y/y in 3Q25, up from an upwardly revised 0.9% y/y (previously 0.6% y/y) in 2Q25. The improvement was largely driven by a stronger-than-expected 49.9% y/y surge in agriculture, forestry and fishing. Excluding this notoriously volatile sector, GDP growth would have been closer to 1.1% y/y.
02 December 2025
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