CAMmunique – October 2021

CADIZ Asset Management Investment Update.

The South African Economic Landscape

The outlook for the South African economy continues to improve throughout 2021, however,
structural issue that hamper long-term growth prospects remain. South African GDP forecasts
have been revised upwards, with Bloomberg consensus estimating the South African economy to
grow by 5% in 2021, coming off a contraction of 6.4% in 2020. Medium-term prospects are slightly
more constrained, however, with growth expected to slow to 2.2% and 2.0% in 2022 and 2023,
respectively.