JOHANNESBURG, Sept 3 (Reuters) - The South African rand was weaker in early trade on Tuesday, ahead of the release of second quarter gross domestic product (GDP) data.
At 0659 GMT, the rand traded at 17.8875 against the dollar , about 0.4% softer than its previous close.
Statistics South Africa is set to release the country's GDP figures for the second quarter of 2024 at 0930 GMT. Domestic investors will use the data to look for signs of the health of Africa's most industrialised economy.
"Economic expansion at only 0.5% y/y in Q1 marked a disappointing start to the year... Suppressed GDP growth is expected to continue in Q2," said ETM Analytics in a research note.
"The absence of load-shedding (power cuts) through Q2 did not seem to have a marked effect on the high-frequency production data released throughout the quarter," ETM Analytics added.
Power cuts have hampered South Africa's economic growth for over a decade, with outages on a record 335 days last year, but state-owned power utility Eskom has managed to keep the lights on for over five months without scheduled blackouts.
ETM Analytics said the third quarter GDP print will "mark the beginning of any meaningful shift."
South Africa's benchmark 2030 government bond was unchanged in early deals, with the yield at 9.225%.
Reporting by Tannur Anders; Editing by Sharon Singleton
Source: Reuters