The South African economy slipped into a technical recession following two quarters of GDP decline. The local
Consumer and Producer Price Index remained stable in the month of May. Business confidence took a 1.7-point knock down to 93.2 points. The
long-awaited Moody’s rating kept SA above investment grade, possibly contributing to the ZAR’s resilience during
the month of June. The ZAR averaged ZAR12.90/USD, closing the month at ZAR 13.07/USD. Consequentially,
fuel prices continue their decline. The Department of Energy announced a petrol and diesel price drop of 69c/litre
and 58c/litre on July 5th.
