South African Economy

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Cecil Kilpin | May 2024 Newsletter

By |2024-06-01T15:01:25+02:00May 31st, 2024|Business, Environmental, Finance + Economics, Newsletter, Vat|

Median Monthly Earnings by Status in Employment, 2017 & 2022. STATS SA has released a report on monthly earnings which makes for interesting reading. Below is a summary of the highlights. In 2017, there were approximately 16,1 million employed persons for pay or profit. The number declined by 642 000 in 2022 to 15,4 million, with 13,0 million being employees (or 84,0%), while 1,6 million (or 10,5%) were own-account workers and 846 thousand (or 5,5%) were employers. The median monthly earnings were highest among employers at R10 000, followed by employees with their median at R5 417, and the lowest median monthly earnings were observed among the own- account workers at R3 500 in 2022. Between 2017 and 2022, the total [...]

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Cecil Kilpin | November 2021 Newsletter

By |2022-01-19T17:03:21+02:00November 25th, 2021|Business, Finance + Economics, Goverment, Newsletter, Tax|

Economic Outlook Below is a brief synopsis of the economic outlook as presented at the Medium-Term Budget Policy Statement (MTBPS). The South African economy grew faster than expected in the first half of 2021, but this momentum is expected to wane following public violence in July, port and rail disruptions, and the third wave of COVID-19 infections Real GDP is forecast to grow by 5.1 percent in 2021. Output is expected to return to pre-pandemic levels in 2022, a year earlier than estimated in February. This is largely the result of global demand, higher commodity prices and the easing of COVID-19 lockdown restrictions Household consumption has improved but has not fully recovered from the pandemic. Inflation is contained [...]

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Cecil Kilpin | June 2020: Supplementary Budget

By |2022-01-20T12:23:06+02:00June 26th, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Liduma lidlule!The storm shall pass! The purpose of the supplementary budget is obviously due to the historic nature of this pandemic and economic downturn. A second adjustments budget in October will be tabled together with the Medium‐Term Budget Policy Statement. The Budget Does Two Things:First, it brings an Adjustments Appropriation Bill and a Division of Revenue Amendment Bill to the House. These Bills ask Parliament to approve the response package for COVID‐19.   Second, it lays a path for the direction the president gave us on 21 April to “not merely return our economy to where it was before the Corona virus, but to forge a new economy in a new global reality” This Supplementary Budget sets out a road-map to stabilise debt, by improving spending patterns, and creating a foundation for economic [...]

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Cecil Kilpin | October 2019 Newsletter

By |2022-01-20T13:45:02+02:00October 21st, 2019|Business, Finance + Economics, Goverment, Newsletter|

Developing a Strategy to Grow in the Short Term South Africa has limited growth potential in the short term. While government gets its house in order, we need to make sure that, as business owners, we have the correct strategy in place to meet the challenges that face us. Real value lies in the process ofputting the plan together. The act of planning helps you think things through thoroughly, and to critically re-assess your assumptions and ideas. A good strategy needs to be short, sharp and coherent, with a strong opening paragraph illustrating where you are going and how you aim to get there.   STRATEGY AND GOALS List your goals and your mission statement Develop a strategic plan of how your business will achieve [...]

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Cecil Kilpin | September 2019 Newsletter

By |2022-01-20T13:52:21+02:00September 18th, 2019|Business, Finance + Economics, Goverment, Newsletter|

Economic Policy Paper for Public Comment The Minister of Finance, Mr Tito Mboweni, is calling on members of the public to make comments on a paper titled: “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”. The paper, prepared by the National Treasury, is an attempt to translate the broad outcomes of inclusive growth, economic transformation, and competitiveness into specific programmes and draw on a range of domestic and international literature to support these policy priorities.   This paper considers the contribution of specific growth reforms that can achieve the outcomes of economic transformation, inclusive growth, and competitiveness. The paper draws on the National Development Plan to outline six themes and the contribution of growth reforms within each theme that prioritize economic transformation, inclusive growth, and competitiveness. The themes include: [...]

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Cecil Kilpin | August 2019 Newsletter

By |2022-01-20T14:01:25+02:00August 16th, 2019|Accounting, Business, Finance + Economics, Goverment, Tax|

National Health Insurance (NHI) The NHI Bill was recently promulgated amid a mixed reaction sentiment, positive and negative. While one can identify strongly with the rationale, affordability is paramount as is the management of such a fund. “National Health Insurance is a way of providing good healthcare for all by sharing the money available for healthcare among all our people. The health benefits that you receive will depend on how sick you are, not on how wealthy you are.” So, the big question is how we fund this. The bill is very thin on the funding model with vague mentions of around 5% of the national wage bill plus zero medical credits going forward. Very simply, it would appear that roughly 20% of the population [...]

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Cecil Kilpin | September 2018 Newsletter

By |2022-01-20T14:46:09+02:00September 13th, 2018|Business, Finance + Economics, Newsletter, Tax|

Economy Shrinks By 0.7% The South African economy slipped into recession during thesecond quarter of 2018, shrinking by 0,7% quarter-on-quarter. This followed a revised 2,6% contraction in the first quarter of 2018. The widely recognised indicator of recession is two (or more) consecutive quarters of negative growth. South Africa experienced its last recession during the 2008–2009 global financial crisis with three consecutive quarters of economic decline. The 0,7% downturn in the second quarter of 2018 was a result of a fall-off in activity in the agriculture, transport, trade, government and manufacturing industries. Agriculture production fell by 29,2% in the second quarter of 2018, following a 33,6% slump in the first quarter. This was largely driven by a decline in the production of field crops and [...]

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