Zuma clarifies what was meant by ‘2.9% growth’

The Presidency said yesterday it had received a number of inquiries about the reference to an economic growth rate of 2.9% in the ANC’s January 8 anniversary statement.

“The 2.9% mentioned in the statement is the growth rate for sub-Saharan Africa,” said Presidency spokesperson Bongani Ngqulunga.

“Growth in sub-Saharan Africa is estimated to have slowed to 1.4% in 2016, from 3.4% in 2015. For 2017, growth in the region is more optimistically projected to rise to 2.9%,” he said.

Ngqulunga said that in the medium-term budget policy statement, or mini-budget, issued in October last year, government indicated that South Africa was expected to grow at 0.5% in 2016, rising to 1.3% in 2017.

“This remains government’s official forecast.

“Government will provide further updates on the growth estimates during the 2017 Budget presentation next month,” Ngqulunga said.