Shoppers travelling on cheap flights to South Africa looking to spend their hard-earned cash will be contributing to the country’s higher-than-average retail sales.
Shoppers travelling on cheap flights to South Africa looking to spend their hard-earned cash will be contributing to the country’s higher-than-average retail sales.
In April, South Africa’s retail sales growth increased by a whopping 9.8 per cent compared to last year, boosting its recovery.
The central bank has kept its key rate unchanged at 5.5 per cent – a 30-year low – after cutting it three times last year.
Price pressures have picked up and the economic recovery has been strengthened.
Gina Schoeman, an economist with Asba Bank, said: “This really showed that consumers are willing to spend. Rates remain low, inflation has lifted, but real income growth remains on the up.”
However, recovery in other areas has not been as strong. Manufacturing growth in April eased to 0.4 per cent and the sale of cars was at its slowest for 17 months.
Shoppers might want to take a break from their shopping by visiting the retrospective of the artist Vladimir Tretchikoff at the Iziko South African National Gallery.
Written by Anthony Nicholson
