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- Nedbank’s listing shows a 16.4% year-on-year (yoy) increase in fixed investment plans in 2025. The value of new projects announced increased from R606.3 billion in 2024 to R705.6 billion.
- A strong rise in private sector announcements drove the improvement, with project plans more than tripling from R116.2 billion in 2024 to R382.5 billion. Public corporations account for 45% of the total value of planned projects. By contrast, project announcements by general government declined notably.
- The electricity, gas, and water sector dominated investment plans, with projects totalling R415.6 billion. The strength reflects ongoing efforts to address South Africa's energy crisis and incorporate renewable energy in the generation mix.
- The Listing highlights three key trends: (1) investments remain heavily concentrated in energy, (2) the recovery in private sector announcements appears supported by improved macroeconomic conditions and (3) the lull in new public sector announcements follows the surge in 2024, with many of those projects still in the early stages of implementation.
- Nedbank expects gross fixed capital formation (GFCF) to improve from -2.3% in 2025 to 2.0% in 2026 and to grow at a sub-par average of 1.9% over the next three years.