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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.

    Key takeaways VAT rate raised by 1 percentage point to 15%. R36bn in tax increases and R26.4bn expenditure cuts in 18/19. R12.4bn allocated for fee-free higher education in 18/19. Should be enough to delay a Moody’s downgrade, but action on structural reform needed before mid-year reviews to stave off a downgrade completely. Bottom line Today’s […]

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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.

    January inflation printed at 4.4% y/y, slightly ahead of our 4.3% forecast, but nevertheless below the 4.5% consensus. The main driver behind the fall was a drop in the fuel price, and the consequent easing of transport inflation to 4.4% y/y, from 6.4% in December. Core inflation, which excludes food and energy, moderated to 4.1% […]

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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.

    This Wednesday, the Finance Minister will have the mammoth task of restoring the rating agencies’ faith in the country’s commitment to fiscal consolidation. The task is made even more difficult given the revenue collection shortfalls and the additional funding requirements for free higher education. Click here to read our full preview

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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 far exceeded our expectations, rising 5.3% y/y, but down -2.6% m/m on a seasonally adjusted basis. General dealers, clothing and “other retailers each added 1.4 pps (4.2 pps cumulatively), jumping 3.3% y/y, 5.9% and 14.7% respectively. In what may be tentative signs of a recovery in durable goods sales, furniture retailers […]

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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.

    The 4Q17 unemployment rate fell to 26.7% from 27.7% in the third quarter, while the expanded definition of unemployment, which includes unemployed individuals that have given up searching for employment, also eased to 36.3% from 36.8% in 3Q17. The biggest quarterly job gains came from the community social and personal services (which includes government), manufacturing, […]

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