n Personal Finance Newsletter - So what is driving this equity market? : markets




South African companies' profits growth has waned. Using net operating surplus (gross operating surplus adjusted for consumption of fixed capital), calculated from South Africa's national accounts data, as a proxy, shows that the advance in total companies' profits (financial plus non-financial companies) has weakened markedly in recent years, following a temporary bounce in the immediate aftermath of the 'Great Recession'. Indeed, in 2013, profits growth was the weakest since 1998.


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