Economic recovery in South Africa

Sourced from Htxt.Africa Following months of uncertainty, data from FNB shows that businesses are already seeing signs of recovery as card swipes at merchants point of sale devices rebound close to pre-pandemic levels. Purchases recorded on FNB Speedpoint devices show that transactions recorded in August, when the country moved to level 2 of lockdown, recovered to 93.2% compared to February this year. In the same month, merchant transactions recorded across six provinces were already above pre-pandemic levels, with Free State and Gauteng at 90%, followed by the Western Cape at 70%. Signs of recovery were already apparent in July when the country was still on level 3 of lockdown, where activity had recovered to roughly 86% compared to pre-pandemic levels. Gordon Little, CEO of FNB Business,...