Economy

Rand softer ahead of Q3 GDP data

Date: Dec 3, 2024

South Africa's(SA) Rand weakened early on Tuesday ahead of third quarter Gross Domestic Product (GDP) figures which could give clues on the health of Africa's most industrialised economy.

At 0710 GMT, the Rand traded at 18.1250 against the Dollar , about 0.1% weaker than its previous close.

Economists polled by Reuters forecast third-quarter growth of 1.2% year-on-year. The data is due to be released at 0930 GMT.

Analysts expect growth to improve on the back of increased political stability following the May election, a stronger Rand over the period, falling inflation, lower interest rate expectations and an end to rolling power cuts which has boosted productivity.

But structural reforms are needed to sustain economic growth, they said.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI), opens new tab last traded about 0.2% higher.

SA's benchmark 2030 government bond was little changed in early deals, with the yield at 8.93%.

--Reuters--

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