Mike Schussler of economists.co.za says there are signs that the domestic economy is shrinking. These include declining car sales for 23 months; the latest cement sales, which are down 18% year on year; falling electricity sales; 11% fewer passengers arriving at OR Tambo airport; and a 27% reduction in building plans passed.
Schussler says the latest figures from the National Credit Regulator show that 43 000 households are four months behind with their mortgage payments while 15 000 are three months behind.
Source: Mail & Guardian
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