It’s been a year of turmoil to say the least. Locally and Globally. If you have you head above water at the turn of this year then congrats!!! You been through one of the toughest years in our economic history.
There is some breathing space which we have managed to create as we end this year.
Averted a downgrade
Ratings Agency Moody’s has kept us alive by holding onto its rating on our Bond’s meaning that foreign investors can still deal with us. So important as it has created some time for us to avert “Junk Status”.
Worked our way upwards from a technical recession in the 4th quarter
After a technical recession in quarters 2 an 3 we surprised the markets with a rebound in quarter 4 of 2,2% GDP. This takes us upwards and away from the gloomy expectation of negative growth and hopefully toward positive territory in 2019.
Oil price retreated at the end of the year
The great story for 2018 from a South African point of view is the oil price retreating from over $80 a barrel to mid $50’s. There is every reason to expect a cheaper pump price for petrol and diesel and may we never get anywhere near the R17 per litre again.
So whilst there year was full of turbulence we do have some good news to take into the new year.
Here’s to a happy and improved 2019.