Nedbank

South African households are under pressure, say economists at Nedbank, with the country's economy starting off 2023 on the back foot.

Households’ net wealth position also deteriorated further, falling to 332.2% of PDI in Q3 from 338.7% in Q2, reflecting the drop in equity prices and stagnating house prices. The uptick in savings suggests that households have become more cautious, expecting economic prospects to weaken.” Higher sales The stresses for households and consumers reflect in the wider economy, the bank said. Surprisingly, household indebtedness eased over Q3. Sifting through data published for the last month of 2022, the banking group noted a downturn in economic activity, while data from the South African Reserve Bank pointed to continued stress for households.