July SARS (South African Revenue Services) revenue data still showed robust growth in transfer duty revenue. The monthly year-on-year growth rate was 24.6%, up from June’s 23.9%.
However, the recent growth rates continue to appear to be reflecting the formation of a broad “growth peak”, as the transaction volume base gets higher.
While the recent months’ growth rates remain very strong, they remain off the 49.4% year-on-year growth peak in January. In addition, with monthly data movements often being volatile, we like to smooth out the number with a 3-month moving average, and for the 3-months to July we saw growth of 22.86% year-on-year, marginally higher than the 22.7% of the previous month’s 3-month moving average, but significantly off the 35% recorded for the 3 months to February. Read more
