High interest rates leads to tighter belts across SA

By Tonny Mafu

Johannesburg – Growth in South Africa’s gross domestic spending slumped to only 1 percent in the second quarter, from 5.75 percent the previous quarter, according to the SA Reserve Bank’s Quarterly Bulletin.

Total domestic spending in the economy consists of household consumption, government expenditure and gross fixed capital formation. The bulletin showed that growth in all three categories had dwindled.  More…

Household debt scales a new peak

By Ethel Hazelhurst

Johannesburg – Household debt notched up another record high in the second quarter, at 76.6 percent of disposable household income, according to the Reserve Bank’s Quarterly Bulletin, released yesterday.

This is up from 75.9 percent in the first quarter and way above the 49.8 percent in the fourth quarter of 2002. More…