The 2011 Deloitte CFO Survey
The South African economy has endured a significant, albeit short-lived, recession. Analysts and commentators are taking positions as to whether this will become a “double-dip” phenomenon when GDP growth slips back into negative territory. In the words of SA Reserve Bank Governor Gill Marcus “We are not in a normal cyclical downturn.”
However, when the 2011 Deloitte CFO Survey was undertaken, the mood was not nearly as negative as it is at the time of writing. Towards the end of the first half of 2011, the first quarter South African economic growth figures showed a creditable 4.8% pace of GDP growth on a quarter-on-quarter seasonally-adjusted annualised basis. Inflation had started to move up, but was still below the mid-point of the 3% to 6% target of the SA Reserve Bank and unemployment was lower than a year earlier. The rand had held firm for the six months, the JSE All Share Index was holding onto last year’s gains and the bond market ended the quarter with modest price improvements.
Click here to download the complete 2011 CFO Survey Report
Click here for the 2010 CFO Survey report summary.
Click here for the complete 2010 CFO Survey Report.