In the first quarter of this year, the South African economy contracted by a revised 3,1% on a seasonally adjusted and annualised basis. As energy constraints lifted, growth rebounded to 3,1% in the second quarter. These two quarters cancelled each other out and this year growth has been flat. There are some signs that investment spending is strengthening. In the second quarter, growth in gross fixed capital formation rebounded to 6,1%. Mining grew by 14,4%. In real terms, credit growth has been positive since late 2018. Private- sector credit extension rose 6,2% in September. Home loans grew 5% year-on-year, the fastest rate in some time. However, corporate credit extension has softened, which is an issue of concern. In September, headline consumer price inflation was 4,1%. Lower inflation is good for everyone, particularly for the poor and the working class. In short, what we have here is a mixed picture with some positive signs.