The Consumer Vulnerability Index (CVI) for South Africa reached a low of 38 in 2004 before starting a steep increase to 65 in 2008. The global credit crisis helped to bring the index back to 53 by 2011 where it drifted sideways for around four years before declining further to below 48 in 2017. The index did rise slightly to its long-term average value of 50 from late 2017 to early 2020. The CVI showed a jump in the 2nd quarter of 2020. Compared with a year ago, the individual components’ vulnerability scores differed only in two areas in the third quarter of 2021. Employment growth measured -3.1% y/y compared with -10.1% a year ago, while insolvencies growth picked up to 94% y/y compared with -58% a year ago. However, the latter movement was due to the Covid-19 lockdown which halted administrative activity for a large part of 2020.
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