Business & Finance

South Africa’s rand flat ahead of GDP data

South Africa’s rand was flat in early trade on Monday ahead of third quarter economic growth data expected to show that the Gross Domestic Product barely expanded.

At 0730 GMT the rand was 0.01% firmer at 14.6690 per dollar.

Statistics SA publishes third quarter gross domestic figures on Tuesday at 0930 GMT. A Reuters poll of economists and analysts sees quarter-on-quarter expansion at 0.1% from 3.1% previously, while year-on-year growth is forecast at only 0.4%.

Low growth and its impact on government revenue has seen the country’s credit rating slide in recent years while public debt and unemployment have soared. However, the rand has largely weathered those concerns due mainly to the high yield on offer.

Bonds weakened, with the yield on the benchmark paper due in 2026 adding 2 basis points to 8.475%.

Source: Voice of Nigeria