SA economy expected to grow by 1.9% - SARB
Updated | By Nushera Soodyal
The South African Reserve Bank expects the South African economy to grow by 1.9% this year.
"Growth in the first quarter of this year surprised to the upside, at 1.7%," says governor Lesetja Kganyago.
Kganyago says the floods in KwaZulu-Natal and extensive load shedding contributed to a contraction in the second quarter.
READ: Repo rate pushed up again
"Growth in the third and fourth quarters is forecast to be 0.4% and 0.3%, respectively.
"The economy is forecast to expand by 1.4% in 2023 and by 1.7% in 2024, above previous projections. Private investment has strengthened on the back of the recovery, but public sector investment remains weak.
"Household spending remains supportive of growth, but is likely to soften next year. Tourism, hospitality and construction should see stronger recoveries as the year progresses."
ALSO READ: Repo rate hike ‘the right decision’
He was speaking during Thursday afternoon's rates announcement.
The repo rate is being hiked by 75 basis points to 6.25%.
MORE ON ECR
Show's Stories
-
UPDATE: The Cubs of Westville have been released to a wildlife facility
There has been an update on this wildlife phenomenon
East Coast Breakfast 10 minutes ago -
Voting day starter pack: 5 things you should have today
Top five items to bring when you cast your vote in South Africa today
East Coast Breakfast 52 minutes ago