Jason Muscat
About Jason Muscat

Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

  • March Retail Trade Sales

    March retail trade sales expanded 0.8% y/y, the first positive print for the year. It was, however, not enough to drag the sector into positive territory for the quarter, and we expect retail sector GDP to contract by -3.5% q/q in 1Q17, shaving half a percentage point off GDP. Retailers of food and beverages, pharmaceutical […]

  • March Manufacturing Production

    Manufacturing production in March increased just 0.3% y/y, and declined -0.6% m/m, while the quarterly number declined -0.9% on 4Q16. Iron and steel production (6%), glass and mineral products (10.5%) and vehicles and parts (5.8%) accounted for almost 2% growth, but was all but wiped out by lower production levels amongst petroleum (-5.3%), wood product […]

  • March Mining Production

    Mining production ended the quarter on a very strong note with March volumes up 15.5% y/y and 3.7% m/m, while the 3-month seasonally adjusted growth rate rose 3.5%. The year-on-year number must be viewed in the context of an 18.4% y/y drop in the same month last year. Nevertheless, the positive number was broad based, […]

  • March CPI

    South Africa’s inflation trajectory continues to moderate with March CPI printing at 6.1% y/y, down from 6.3% in February. The month-on-month increase was 0.6% (from 1.1% in the prior month). The biggest contributor to the headline inflation number was again food and non-alcoholic beverages (1.5ppts), although this eased from 1.7ppts in February, and was largely […]

  • February Mining Production

    Posted In Economics, Mining

    Mining volumes jumped 4.6% y/y in February, from 1.4% in January. Production was up 2.9% month-on-month but remains negative on a quarterly basis. Despite gold output falling -16.8% y/y, and coal down -9.4%,  iron ore (+20.9%), manganese (+15.7%) and PGM  ((47.2%) production rose sharply, more than offsetting an overall decline. The increase is welcome news […]

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