South Africa Fixed Capital Formation and Capital Stock (Quarterly Report) - September 2019

Despite the persistence of balance of payments pressures, slow domestic growth and inflation bottoming, the slight upward bias in long-term interest rates during the first half of 2019, has made way way for an easing in bond yields. This happened mainly on the back of yield curve inversion and negative yields in some developed markets. However, the country’s precarious situation regarding sovereign credit risk downgrades imply that real capital formation growth is likely to remain under pressure over the forecast period.

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