BankServAfrica’s banking activity index (BETI) is available with a short lead time, making it a potentially useful source of information with which to nowcast GDP. During the COVID-19 pandemic and during the middle part of 2021, the BETI was strongly correlated with the Reserve Bank’s coincident indicator and with the actual GDP growth outcome. Since then, the correlation between the BETI and same quarter GDP outcomes has weakened.
Footnote
The revised BETI figures are taken from published reports so likely will not exactly match the most recent ex-post BETI.
