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    John acquired the degree Master in Economics at the University of Stellenbosch before starting his career as an economist in the National Treasury. He was part of the team that implemented the country’s first Medium Term Expenditure Framework in the early days of Minister Trevor Manuel’s tenure as Finance Minister. Thereafter, he became the Southern African Macroeconomist for Globalinsight, a major United States based economic consultancy with a global presence. He entered banking with BOE Group, shortly before moving to Absa Group in 2000 where he was the senior macroeconomist co-ordinating the Group’s macroeconomic forecasting process. In 2004, he was named Reuters Economist of the Year. In 2006, he joined First national Bank to pursue a slightly different focus as the bank’s Property Economist. He’s a social endurance sport junkie, having brought up the rear of the field in events such as the Comrades Ultra-Marathon, the Ironman Ultra-Triathlon, and more recently the 2,330 km Freedom Challenge Mountain Bike Race Across South Africa. His sporting allegiances lie with the Blue Bulls.

    Despite weaker activity, building confidence edges higher in Q1 The FNB/BER Building Confidence Index increased by 3 points to 43 in 1Q2017. Three of the sub-sectors surveyed reported higher confidence (with three reporting lower confidence) compared to 4Q2016, led by building material manufacturers. Although confidence was higher, building activity was broadly lower, especially for main […]

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    Mamello is macroeconomic analyst. Prior to joining FNB she worked as a macroeconomic analyst for the RMB global markets research team. She started her career at the Bureau for Economic Research, working as a trainee Economist. Mamello holds a Bachelor of Commerce Honours Degree (Econometrics) from the University of Johannesburg.

    Retail sales maintained its weakening bias in January, contracting by a notable -2.3% y/y after rising 1.0% in December. While the contraction is partly due to base effects, high inflation, weak household credit extension and the lag effect from the interest rate hike last year, also explain the weakening trend in retail sales. There was […]

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    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.

    2016 GDP printed slightly below our 0.4% expectation, registering 0.3%. Growth in 4Q16 contracted –0.3% q/q saa, slightly less than we had anticipated. It was again the primary sector (agriculture and mining) that held the economy back. Agriculture shrank –7.8% for the year, while mining contracted –4.7%, shaving a combined –0.6% points off GDP. The […]

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    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.

    December retail trade sales expanded 0.9% year-on-year, more or less in line with expectations. As had been expected, the month-on-month number dropped sharply, falling -2.3% on a seasonally adjusted basis, largely as a result of preemptive Christmas shopping taking place in November, particularly on Black Friday. Clothing sales were the dominant driver of the expansion, […]

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    Sizwe Nxedlana Chief Economist at First National Bank. Prior to that he was a Senior Economist in FNB’s Wealth segment where he was involved in macroeconomic and investment research and is a member of the investment and asset allocation committees. Before joining FNB Wealth he was an economist at FNB Commercial. He began his career at the Bureau for Economic Research in Stellenbosch followed by a stint at Kagiso Trust Investments. He completed a Bachelor of Commerce degree majoring in Philosophy, Politics and Economics from the University of Cape Town and a Master of Commerce degree in economics from the University of KwaZulu Natal.

    Despite another tough year, new passenger vehicle sales in 2016 were 40% (100 thousand units) higher than sales at the height of the 2009 recession, but still 25% (120 thousand units) below the record 480 thousand units sold in 2006. Given the prevailing economic conditions, it will likely be several years before we reach the […]

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