Economy

SA GDP Growth 3.8 percent in Fourth Quarter

SA GDP Growth 3.8 percent in Fourth Quarter

The gross domestic product was recorded higher than expected in fourth quarter offering further momentum to economic recovery. The GDP grew by 1.9 percent in 2013 compared to 2.5 percent in 2012. The fourth quarter growth in 2013 remained much higher at 3.8 percent, the only point market experts see positive in the recently announced data.

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Hong Kong Exports Decline Marginally

Hong Kong Exports Decline Marginally

After posting impressive growth in exports for the last 5 months, Hong Kong has reported decline of 0.4 percent decline in exports in January. The imports were also lower and resulted in decline in the trade deficit.

Compared to yearly basis, the imports were down by 2.7 percent in January. During December 2013, imports were higher by 1.8 percent.

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Unemployment Drops Slightly in Last Quarter

Unemployment Drops Slightly in Last Quarter

The unemployment rate in South Africa dropped to 24.1 percent as per the data released for last quarter of 2013. The change is unemployment is small compared to 24.5 percent during previous quarter.

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Impact of Rand on Local Companies

Impact of Rand on Local Companies

The decline in valuation of rand has started showing its impact on the balance sheet of local companies. The currency is at its lowest level in more than five years compared to US dollar and Euro.

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FM Gordhan at ‘Africa: Economic Outlook and Opportunities’

FM Gordhan at ‘Africa: Economic Outlook and Opportunities’

Finance Minister Pravin Gordhan said that South Africa will come out of the financial turmoil and the currency is currently undervalued. During a panel discussion at ‘Africa: Economic Outlook and Opportunities’ event hosted by Bloomberg, Gordhan said that ANC will return back to power and will create six million jobs in next five year.

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President Zuma Supports Pan African Free Trade Area

President Zuma Supports Pan African Free Trade Area

President Jacob Zuma has supported the idea of development of pan-Africa free trade area to give boost to African economy. The President added that African countries should come forward and setup a free trade agreement to create an economic zone which could be valued above $2.6 trillion.

President Zuma further added that the market would boost the economic development for African nations. Also, many companies across the world would consider the partnership as a positive sign as more than 1 billion residents would offer a quick market for their products.

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Finance Minister Expects Higher Exports

Finance Minister Expects Higher Exports

Finance Minister Pravin Gordhan said that the decline in rand would make South African products more competitive in the international market and the ministry is expecting higher export figures.

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Inflation at 5.4 Percent in December

Inflation at 5.4 Percent in December

The consumer price index data released by statistics office has witnessed marginal increase during December. The Inflation for December remained at 5.4 percent compared to 5.3 percent in November.

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Zimbabwe to Launch Sovereign Fund with Mining Royalties

Zimbabwe to Launch Sovereign Fund with Mining Royalties

Zimbabwe has planned to use some portion of mining royalties to launch sovereign wealth fund to help the ailing economy. Zimbabwe currently ranks at 14th position in per capita GDP among the countries in Africa.

The unemployment rate is high and commodity prices are rising. President Robert Mugabe is facing criticism for the ailing economic conditions and hyperinflation. The economy has shrunk by almost 40 percent since year 2000. The country has better literacy rate compared to African average. The high rate of unemployment has led to massive outrage among residents.

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China's Annual Trade Exceeds USD 4 Trillion Mark for First Time

China's Annual Trade Exceeds USD 4 Trillion Mark for First Time

Economy in China is improving and with China back on the track, market experts are confident of sustained growth in the Asian region. As per official figures released, yearly trade of China has surpassed the USD mark of 4 trillion last year. The main reason behind the increase was exports on higher consignments of goods to the European Union and the U.S. market. The exports increased by 7.9% to USD 2.21 trillion.

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