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<\/a><\/p>\nHousehold finances that deteriorated in the first quarter are likely to get much worse.<\/p>\n
Net wealth fell to 330% of nominal disposable income, compared with 360% in the three months through December, according to the report.<\/p>\n
That\u2019s as a sharp drop in share prices due to virus-related panic trading weighed on the value of assets held by households, the central bank said.<\/p>\n
South Africa\u2019s main stock index declined by 22% during the period, the largest decline since the third quarter of 1998.<\/p>\n
Portfolio outflows surged to R97.56 billion ($5.85 billion), the highest level on record. That\u2019s due to the net sales of debt and equity securities by non-residents, as well as the redemption of a $1.6 billion international government bond, the central bank said.<\/p>\n
No Pay<\/strong><\/p>\n About three million fewer people were employed in April, according to a National Income Dynamics Study-Coronavirus Rapid Mobile Survey published Wednesday.<\/p>\n A third of all income earners in February weren\u2019t paid in April because they lost their jobs or were furloughed, the study showed.<\/p>\n Growth in nominal remuneration per worker slowed to 4.1% in 2019 compared with 4.9% a year earlier, central bank data showed.<\/p>\n That the lowest since 1970. Public sector nominal wage growth per worker more than halved to 6.6% in 2019 from a recent peak of 13.7% in 2010.<\/p>\n \u201cHousehold finances ought to be affected by both an increase in unemployment and a loss of income as the salaries of some employees, in particular in the non-essential industries, were reduced during the lockdown with knock-on effects such as debt repayments,\u201d the Reserve Bank said in an emailed response to questions.<\/p>\n \u201cThe effect on household income will likely impact overall demand in the economy.\u201d<\/p>\n
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