The Economy Also, unicorn index spikes
January’s consumer sales, according to the Mastercard SpendingPulse report, grew at the same pace as those of December for the first time in five years, climbing 3.8% after taking inflation into account. Speaking of which, this pleasing development may be attributed in part to lower inflation, to a stronger rand and to increased agricultural production. Other good news is that foreign investors are upbeat about South Africa’s growth prospects, where unfortunately our own investors are more cautions, according to Bank of America Merrill Lynch SA, who report that there was inflow of $5bn in foreign capital since mid-November. And finally, all three ratings agencies responded favourably to February’s budget, with the consensus being that Moody’s would hold off on a downgrade this week.
Comment: The news is not all good, to be sure, but for the moment, let’s bask in the balmy airs and gentle sunlight of positive territory.