South Africa

• The All Share Index returned 13% for the first quarter of 2021. The index grew by 30% since the first Covid vaccine was announced in November 2020.
• The Reserve Bank left interest rates unchanged at 3.5% during the quarter. Inflation remains low.
• The South Africa Reserve Bank revised their 2021 GDP growth outlook upwards for South Africa to 3.8%. The International Monetary Fund revised their growth outlook to 3.1%.
• SARS collected R38bn more in revenue than the budget forecast. This was mostly due to the mining sector benefiting from improved commodity prices.

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