BankservAfrica Economic Transactions Index (BETI) declined in May 2023, highlighting the country’s stagnating economy.
The BankservAfrica Economic Transactions Index dropped slightly in May 2023, marking the third decline in four months and signalling the economy’s flat growth trend.
“On an annual basis, the BETI weakened by a notable 7.4% in May 2023 compared to the revised decline of 3.6% in April.” “In the past year, the BETI has moved sideways with some volatility from month to month. From June 2022 – May 2023, the BETI declined on a monthly basis in,” independent economist Elize Kruger added.BankservAfrica said that the economic environment in May was extremely challenging, with recent statistics showing that South Africa have spent 27% of the year without power compared to the 9.5% in 2022.
BankservAfrica said that the BETI’s drop is in line with other nowcast indicators. The Absa Purchasing Managers’ Index declined from 49.8 in April to 49.2 in May. The PMI has now been below its neutral 50 level for four consecutive months, which also signals a stagnation.
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