Banking

South Africa's rand flat ahead of GDP figures

Credit: REUTERS/Thomas White

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.

JOHANNESBURG, Dec 2 (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 ZAR=D3 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 ZAR186= adding 2 basis points to 8.475%.

(Reporting by Mfuneko Toyana; Editing by Jon Boyle)

((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net))

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