SAfrican consumer savings fall to lowest levels this century: Economist
Director and Chief Economist at Econometrix, Dr Azar Jammine says South Africans are not saving and consuming more than they can afford.
This follows the issuing of the South African Reserve Bank Quarterly Bulletin on Wednesday, detailing current consumer expenditure and global economic growth.
Jammine says consumer trends of overconsumption are not sustainable in the current state of the economy.
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"The level of investment fell to its lowest in more than a decade and so too have savings levels been the lowest in the century," says Jammine.
He adds South Africa's increased reliance on imported goods has resulted in the rand weakening.
"The economy is not on life support but it is in a dire state," confirms Jammine.
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