A look inside FNB bank accounts reveals SA economy in surprisingly good shape - though wealthiest have suffered

The Covid-19 lockdowns hammered the SA economy, sparking wide-spread concern that the country is heading for a financial crisis. But an examination of take-home pay flowing into, and money moving out of, FNB bank accounts suggests consumer incomes and spending have rebounded quickly since April. South Africa’s large army of public servants - who did not lose jobs or earnings in the pandemic-imposed shutdown - have helped to maintain these levels. Dr Christoph Nieuwoudt, FNB executive responsible for data analytics, speaks to BizNews editor Jackie Cameron about what the bank’s statistics are telling us about South Africa, noting that savings are up and also taking advantage of low interest rates to buy property. Learn more about your ad choices. Visit megaphone.fm/adchoices