There are also sizable trade linkages, as the Eurozone together with the UK account for 19% of South Africa’s goods exports. 2  BIS central bankers’ speeches  With the Brexit vote, one of the downside risks to economic growth projections for the euro area and the UK has materialised.
Early indicators and model estimations suggest that the impact will be largely focused on the UK itself, while the euro area will be affected only moderately. But we shouldn’t jump to conclusions at this stage. It’s still too early to assess the overall impact on the economic outlook, as there are currently insufficient post-referendum data available.