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Why rich South Africans are less optimistic about their finances heading into 2021
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FNB and the Bureau for Economic Research (BER) have published the latest Consumer Confidence Index (CCI), showing a strong rebound in consumer confidence following the country’s strict Covid-19 lockdowns earlier this year.
The CCI leapt by 11 index points to a level of -12 in the fourth quarter of 2020, extending its third-quarter gain of 10 index points.
The sudden outbreak of the Covid-19 pandemic and subsequent severe economic restrictions sent the CCI crashing from an already depressed level of -9 in the first quarter to a 35-year low of -33 during the second quarter.
PREMIUM! Technologies allow Sanral to flag necessary maintenance, and to keep such maintenance constant. Image: Twitter/@SANRAL za
There has been a strong rebound by the civil construction sector post Covid-19, with the value of civil projects awarded in November increasing to the highest level in four years and 21% higher year on year compared with the same month last year. However, construction market intelligence firm Industry Insight reports that the private sector continues to disinvest in buildings and project postponements are accelerating. Civil construction awards were supported by three significant road projects in KwaZulu-Natal, awarded by the SA National Roads Agency (Sanral) to JSE-listed construction company Raubex. These were the R1.48 billion contract for the upgrading of.
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Stats SA ‘grossly underestimatingâ construction sector activity
Its surveys don’t reach and reflect the size of informal construction activity in the country â Roelof Botha. 00:01
The economist believes SA is on the verge of another construction-led economic growth phase. Image: Waldo Swiegers, Bloomberg
Economist Roelof Botha has no doubt that Statistics South Africa (Stats SA) is grossly underestimating the level of construction sector activity in South Africa.
Botha on Thursday questioned how there can be a 21% decline in official value added by construction in the third quarter of 2020, but a 14.5% increase in the value of wholesale sales of construction and building materials.