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Johannesburg - Strong economic growth in various African countries is making a significant contribution to the economies of Gauteng and other South African provinces.
The transport and communication index of Sake24 and BoE Private Clients' latest Gauteng barometer rose 3.7% year-on-year (y/y) in August, and helped the barometer improve 2.8% y/y.
It was the barometer's eighth successive month of growth, after having declined for 38 months y/y.
The growth in the transport and communications index was, among other things, thanks to a 4.1% y/y rise in diesel sales and a 6.6% hike in the number of international passengers arriving at OR Tambo International Airport.
Economists.co.za economist Mike Schüssler, compiler of the barometers, said sustained growth in the sector, which had been negative for only six months in the past three years, was thanks to good economic growth in many African countries during the recession.
These nations still had to get their products to market or factories, and used diesel to transport them, he said.
It is much easier for them to send their products through South Africa, and the country is now definitely becoming an African portal to the outside world. If it were not for the rest of the continent, the transport sector would be moribund, he said.
The electricity index which, like transport, is a concurrent indicator, rose 1.7% y/y, but was 2% down on a three-month basis.
Schüssler said the decline could be attributed to the rise in electricity prices, and consumers are making serious efforts to save power.
Gauteng's economic growth index climbed 3.3% y/y in August, but was negative month-on-month and on a three-month basis.
The trade index also contributed to y/y growth with a 9.9% rise. This index was also positive month-on-month and on a three-month basis. The y/y rise was largely thanks to a 34.1% increase in vehicle sales, as well as retail sales which rose 5.8%.
Retail sales are rising, but not in respect of food, said Schüssler.
Sales of feel-good items like television sets and other electronic equipment are on the rise. It's a fact that those who have not lost their jobs received good salary increases far above the inflation rate. They therefore now have extra money available.
Gauteng's financial and business services index declined 8.9% y/y, mainly because of a 18.4% decline in the JSE's trading volumes.
- Sake24.com
The transport and communication index of Sake24 and BoE Private Clients' latest Gauteng barometer rose 3.7% year-on-year (y/y) in August, and helped the barometer improve 2.8% y/y.
It was the barometer's eighth successive month of growth, after having declined for 38 months y/y.
The growth in the transport and communications index was, among other things, thanks to a 4.1% y/y rise in diesel sales and a 6.6% hike in the number of international passengers arriving at OR Tambo International Airport.
Economists.co.za economist Mike Schüssler, compiler of the barometers, said sustained growth in the sector, which had been negative for only six months in the past three years, was thanks to good economic growth in many African countries during the recession.
These nations still had to get their products to market or factories, and used diesel to transport them, he said.
It is much easier for them to send their products through South Africa, and the country is now definitely becoming an African portal to the outside world. If it were not for the rest of the continent, the transport sector would be moribund, he said.
The electricity index which, like transport, is a concurrent indicator, rose 1.7% y/y, but was 2% down on a three-month basis.
Schüssler said the decline could be attributed to the rise in electricity prices, and consumers are making serious efforts to save power.
Gauteng's economic growth index climbed 3.3% y/y in August, but was negative month-on-month and on a three-month basis.
The trade index also contributed to y/y growth with a 9.9% rise. This index was also positive month-on-month and on a three-month basis. The y/y rise was largely thanks to a 34.1% increase in vehicle sales, as well as retail sales which rose 5.8%.
Retail sales are rising, but not in respect of food, said Schüssler.
Sales of feel-good items like television sets and other electronic equipment are on the rise. It's a fact that those who have not lost their jobs received good salary increases far above the inflation rate. They therefore now have extra money available.
Gauteng's financial and business services index declined 8.9% y/y, mainly because of a 18.4% decline in the JSE's trading volumes.
- Sake24.com
