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Credit growth slows to 7.79%
FMCG SUPPLIER NEWS
Fin24/ Reuters - May 2nd, 08:44
Johannesburg - Growth in credit demand by South Africa's private sector slowed to 7.79% year-on-year in March from 7.88% in February, data from the South African Reserve Bank showed on Tuesday.
Expansion in the broadly defined M3 measure of money supply was however higher at 8.47% year-on-year in March from 7.71% the previous month.
Economists surveyed by Reuters forecast year-on-year private sector credit growth of 7.2% in March and a 7.5% rise in money supply.
Credit extension data is an important indicator of credit uptake by households and the private sector‚ and a key gauge of consumption expenditure levels.
Total domestic credit extension growth eased to 7.76% y/y in March from 9.51% y/y in February and 9.99% y/y in January.
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