'We should have a more growth-orientated monetary policy, and it irritates me to no end that we have the highest real interest rate in the world,' adds the economist, as he shares insights on the latest Afrimat Construction Index.
SIMON BROWN: I’m chatting now with Dr Roelof Botha about the Afrimat Construction Index. We have the fourth quarter for 2023, and that also gives us the full year.
I must tell you, having listened to the previous interview, it’s a pity – the narrative around interest rates. Africa seems to centre around what’s happening in the US. But back to the Afrimat index. The best-performing indicator remains hardware retail – no, no, salaries and wages and buildings completed. But that’s from a low base. The salaries and wages in construction 8.9%, a real increase quarter on quarter. That’s not surprising, because the guys and girls that help to build stuff in South Africa take a decent break in December and they get bonuses.
The market is not dead and buried, but it’s ridiculous. If you look at South Africa, you can drive in any one direction for a while and you’ll see the dire need for improved and better housing.
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