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programmes, as well as the exchange rate. This means that nett exports (exports minus imports) also reduced by 53%. Should nett exports be subtracted from the total production the answer yields the apparent local consumption for the period being investigated. From this graphic, it can be deduced that the apparent local consumption of stainless steel has increased when compared to the previous 12 months. This is very encouraging although it may be a bit early to start any celebrations. The Reserve Bank showed that after contracting by a revised 1,1% in the fourth quarter of 2022, real gross domestic product (GDP) edged higher in the first quarter of 2023
(January - March), expanding by an estimated 0,4%. The Sassda infographic indicates an apparent growth rate that far exceeds the country’s GDP growth and this is regarded as a strong positive indicator for our industry. Sassda members are also more positive albeit that our 3-month forecast based on member confidence still remains below or at 50%. This is illustrated by our monthly measurement of member confidence below. Members were fairly confident during the winter of 2022, but this confidence started to taper off in the last quarter which can be mainly attributed to the levels of loadshedding during that period combined with the uncertainty regarding the future state of electricity supply.
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Issue 2 - 2023
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