A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo
JOHANNESBURG (Reuters) – South Africa’s rand was flat in early trade on Monday ahead of third quarter growth data expected to show Africa’s most developed economy barely expanded.
At 0730 GMT the rand was 0.01% firmer at 14.6690 per dollar.
Statistics SA publishes third quarter gross domestic figures on Tuesday at 0930 GMT. A Reuters poll of economists and analysts sees quarter-on-quarter expansion at 0.1% from 3.1% previously, while year-on-year growth is forecast at only 0.4%.
Low growth and its impact on government revenue has seen the country’s credit rating slide in recent years while public debt and unemployment have soared. However, the rand has largely weathered those concerns due mainly to the high yield on offer.
Bonds weakened, with the yield on the benchmark paper due in 2026 adding 2 basis points to 8.475%.
Reporting by Mfuneko Toyana; Editing by Jon Boyle