Macro Review

Macro Review

The Macro Review is a monthly report providing insight into the current trends shaping a specific social, environmental, economic, or political risk in South Africa. This report unpacks the numbers to indicate how political risks are evolving, and the way in which this may impact the business environment and social stability in South Africa.

SA’s deindustrialisation dilemma

This edition of the Macro Review unpacks South Africa’s deindustrialisation, as the mining and manufacturing sectors continue to decline.

Publication description

The report explores:  

  • Trends in mining and manufacturing
  • Challenges facing these two vital sectors
  • Policy reforms needed 

Please Note: This version of the Macro Review contains an update to Chart 9. 

SA faces ultimate trade test

This edition looks at South Africa’s trade indicators and unpacks the risks that could impact the country’s future exports and imports.

Publication description

The report explores:  

  • South Africa's fragile trade relations
  • Increased trade and tariff uncertainty
  • How poor infrastructure impacts trade

The consumer stumbles

This edition looks into the state of the South African consumer.

Publication description

The report explores: 

  • Consumer confidence levels
  • Household debt
  • Consumer finances and spending

Brakes on Growth

This edition reviews the state of municipalities in South Africa.

Publication description

The report explores: 

  • The financial fix faced by municipalities 
  • The decline in basic service delivery
  • Political and economic implications of local government failures
  • Growing public frustration 

Budget 2025: Removed from reality

The latest edition of the Macro Review unpacks the 2025 National Budget and identifies the long-term risks to South Africa's public finances.

Publication description

This report looks at: 

  • South Africa's fiscal trajectory
  • Government revenue and expenditure levels
  • National debt and debt service costs
  • The tax base
  • Emerging fiscal risks

South Africa's Quality of Life

The latest edition of the Macro Review updates the Quality of Life Index (QOLI) developed by the Centre for Risk Analysis (CRA).

Publication description

The report includes a comprehensive analysis of:

  • The standard of living in South Africa based on 10 weighted indicators.
  • The quality of life across South Africa's nine provinces.  
  • The quality of life across South Africa's four main racial groups.