Summary of economic releases: 7 – 11 June 2021
7 June: South Africa’s May FX reserves and SARB’s May government bond holdings; Mauritius and Seychelles May inflation rates. The SARB reduced its SAGB holdings by a cummulative ZAR1.8bn over January-April 2021, as liquidity conditions have broadly normalised. Inflation dropped to 0.2% y/y in Mauritius in April while it rose further to 10.7% in Seychelles.
8 June: South Africa’s Q1 GDP and Tanzania’s May inflation. Statistics South Africa postponed the release of rebased numbers to August 2021.The Q1 numbers will reveal the scale of growth momentum that was carried into the first quarter of the year. The economy shrunk by 7% in 2020.
9 June: RMB/BER Q2 Business Confidence Index in South Africa; Ghana’s May inflation. The BCI declined to 35 in May, highlighting that most respondents judged the prevailing business conditions as being unsatisfactory. The index is up from the Covid-induced low of 5 reached in Q2 2020. In Ghana, headline inflation dropped to 8.5% in April, which helped motivate further policy easing by the Bank of Ghana in May.
10 June: East Africa Budget Day; South Africa’s Q1 current account data as well as April mining and manufacturing output; Rwanda’s May inflation rate. Finance Ministers in Kenya, Tanzania and Uganda will all deliver their 2021/22 budget speeches.
11 June: Mauritius 2021/22 Budget. It will be a budget which takes cognizant of a needed recovery after the pandemic saw a 14.9% percent of the real economy in 2020. The country is heavily dependent on tourism and this contraction was by far the largest amongst the core SSA economies.
Core Public Holidays
9 June: Uganda
CORE LINES HIGHLIGHTS DATA AND EVENTS UPCOMING IN SELECT COUNTRIES IN THE REGION. IT IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. FINAL DATES ARE DECIDED BY LOCAL AUTHORITIES.