Business News 21.2.2018 02:50 pm

SA’s economic growth forecast revised upward

Malusi Gigaba put GDP at one percent for 2017, up from the 0.7 percent forecast during the October medium-term budget policy statement.

South Africa’s economic growth, buoyed by business confidence, better investor sentiment and strong growth in agriculture, has been revised upward.

Tabling the budget in Parliament on Wednesday, Finance Minister Malusi Gigaba put the GDP [gross domestic product] growth at one percent for 2017, up from the 0.7 percent forecast during the October medium-term budget policy statement.

“We are anticipating growth of 1.5 percent in 2018, rising to 2.1 percent in 2020,” said Gigaba said during his budget speech in the National Assembly.

Gigaba said growth recovery happened despite 2017 being “characterised by slow economic growth, recession, ratings downgrades, and heightened concerens regarding the governance and sustainability of key state-owned companies”.

“The cyclical recovery is matched by a renewed sense of optimism that the government can and will do its work effectively.”

– African News Agency (ANA)
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