GDP numbers came out yesterday, bad numbers we had a consensus estimate of (3.9) from a range of (0.7) to (5.9), they were out at (6.4) (all q/q).
South Africa is in a recession, that appears to surprise nobody, what is a surprise is that consensus appears to be that it will all be over soon, and we have a V shaped recovery.
I do not hold that view, I think it will be a long road back to recovery.
Of course stock markets appear to be of the view that we will have a V shaped recovery as they are on balance forward looking. I think that the big fear is inflation and that is driving equity prices higher as opposed to the markets believing that we will have better prospects down the track.