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Middleclass incomes have recovered almost fully since hard lockdown – FNB data

26 October 2020 7:13 PM

The lowest and highest-paid workers in SA haven’t yet recovered from the lockdown, according to FNB's Dr Christoph Nieuwoudt.

The lockdown almost mutilated South Africa.

Two-million workers didn’t get paid in April, according to an analysis by FNB of the impact of the lockdown on income, sectors, provinces and the economy.

Spending plunged by 60% while incomes fell by 26%, the bank found.

Low-income workers – and those in accommodation, tourism and catering – were hit hardest.

Spending and incomes have recovered to a great extent, but gains vary widely by province, industry and social class.

Middle-class incomes are almost where it was in February while the lowest and highest income groups are still 10% down.

The Money Show’s Bruce Whitfield interviewed FNB Consumer CEO Dr Christoph Nieuwoudt about the research.

Incomes have improved rapidly. It’s up to 97.5% [of February levels] …

Dr Christoph Nieuwoudt, CEO - FNB Consumer

April was a terrible month for the economy…

Dr Christoph Nieuwoudt, CEO - FNB Consumer

For some people, it was a lot worse than the average…

Dr Christoph Nieuwoudt, CEO - FNB Consumer

The impact of lockdown was severe… Level five was devastating… None of this was impacted by the virus itself, it was all the lockdown… R200 billion less earnings…

Dr Christoph Nieuwoudt, CEO - FNB Consumer

Banks have an additional R40 billion in bad debt… I really, really hope we’re going to be smarter [in dealing with a potential second wave] …

Dr Christoph Nieuwoudt, CEO - FNB Consumer

Listen to the interview in the audio below.


26 October 2020 7:13 PM

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