On a micro level, it is quite evident that a tough economic climate exists, but on a macro level, several key indicators still confirm the existence of fundamental economic stability and a growing economy.
Consumer sentiment around the globe has been dealt a blow by the sharp increase in price levels, particularly of fuel and some food products. In South Africa’s case, two other factors have added to high levels of frustration: regular electricity blackouts and rising interest rates .
Proof of this statement abounds. First, South Africa’s international trade performance keeps on going from strength to strength and continues to break records, most notably the cumulative value of exports during the first five months of the year, which amounted to R791-billion. Furthermore, new vehicle sales in the domestic market increased by more than 7% in June and export sales by 18% .
On a year-on-year basis, only six of the 20 indicators that comprise the index recorded declines of more than 1%, a clear indication that a measure of stability has returned to the financial disposition of households.One interesting observation from the Afhri is the poor showing for total unit trust assets , which declined between the fourth quarter of last year and the first quarter of 2022, despite the record high of the All Share Index on the JSE during early March.
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