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South Africa is unlikely to have growth above 1.5% in the next two years, the Reserve Bank said on Wednesday.
Outstanding credit balances in the South African household sector increased by 3,4% year-on-year (y/y) to R1 520,2 billion in the period January to August 2017.
The repo rate will remain unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago said on Thursday.
SARB leaves Repo Rate unchanged after only 1 x 25 basis point cut in the current cutting cycle. Weak consumer confidence likely to remain, and shift to a more cautious consumer expected to continue says John Loos, Household and Property Sector Strategist.
After declining by 11 points in 2Q2017, the FNB/BER Building Confidence Index improved by 3 index points to 35 in 3Q2017.
2nd Quarter 2017 SARB New Mortgage Lending data, released in the latest SARB Quarterly Bulletin, showed a renewed slowing in the year-on-year growth rate into negative territory in the 2nd quarter, after a briefly positive growth rate in the 1st quarter of 2017.
South Africa’s current account deficit widened to 2.4% in the second quarter of 2017, the Reserve Bank said on Thursday.
Second quarter statistics (Q2 2017) from ooba, South Africa’s leading bond originator, show nominal positive growth year-on-year of 3.6% in the Average House Purchase Price.
The Reserve Bank’s Monetary Policy Committee (MPC) on Thursday reduced the repo rate by 25 basis points to 6.75%.
Ongoing subdued household credit and mortgage balances growth.