Overview
- Consensus points to roughly 1.5% GDP growth in 2026 with inflation near a 3% anchor and further rate declines expected, with Moody’s guiding to about 1.6%.
- Record gold prices and a stronger rand capped 2025, with the currency around R16.63 to the dollar after starting the year near R18.88.
- Confidence was bolstered by a well‑received MTBPS, South Africa’s removal from the FATF grey list, and an S&P credit upgrade.
- Energy and logistics constraints are reported to be easing, and economic activity notched a fourth consecutive quarterly increase in 2025.
- Economists say faster structural reforms, higher fixed‑capital investment, and improved investor confidence are essential, with over R1.8 trillion in corporate cash yet to be mobilised.