The local data card will be headlined by Q3 GDP data today. Recall that amid the political uncertainty preceding the May elections, Q2 GDP data revealed only marginal growth, with quarterly expansion at 0.4% (up from 0.0% in Q1) and annual growth at 0.3% (down from 0.5% in Q1). Notably, gross fixed capital formation (GFCF) contracted by -1.4% q/q, underscoring persistent challenges in investment activity. This week’s release is anticipated to show an improvement in Q3 GDP growth, bolstered by increased political stability, moderating inflation, the absence of load-shedding, and the expectation of slightly lower interest rates. While these developments provide short-term support, their capacity to drive sustained economic expansion remains constrained. Structural reforms aimed at unlocking growth in the economy’s capital base are essential to address the entrenched headwinds weighing on growth.