BankservAfrica’s monthly Economic Transaction Index (Beti), a broad indicator of the country’s economic health, showed that transactions declined by 0.4% from February to March.
“The March Beti declined across all measurement periods,” says Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements, in a statement. Naidoo said the numbers are a clear indication of the “deteriorating state of the economy”.
According to a recent article in MoneyWeb, Eskom’s load shedding in March hit the economy hard. Individual transactions increased in value but decreased in number during this period.
The standardised nominal value of the Beti was R875.7-billion while the average value per transaction was R8 444. This is the first nominal rise in 23 months, said Naidoo. This rise, however, is due to VAT refunds paid in March.
“Without the nearly R20-billion worth of VAT repayments paid into the National Payments System, the March Beti would have been worse off.”