South Africa To Expect Uneven Economic Growth

22 May 2012 16:00 - Florence Fullalove

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South Africa To Expect Uneven Economic Growth

South Africa’s Finance Minister, Pravin Gordhan has said that economic growth in the country is uneven and slow. While delivering the National Treasury Budget Vote in Parliament the minister said, "Growth in output in our own economy is uneven and slow, though consumption spending is still buoyant." He also described the current global environment as “dangerous” adding that global economic growth remained weak. Mr Gordhan said that South Africa’s economic growth in the first quarter will probably be slower than forecast after weak mining, manufacturing production and retail sales data. “Output growth in the first quarter of this year was slower than we forecast at budget time,” as this was, “mainly due to the impact of the Impala Platinum strike on mining production, retail sales have also slowed somewhat and manufacturing production was somewhat disappointing.”

According to Gordhan, the domestic economy was showing some signs of moderate growth but the external environment remained weak. Data had shown that in the final quarter of 2011, household consumption and investment were still growing robustly. Consumption grew by 4.6 % in the quarter, investment by 7.2 % and government consumption grew by 7.3 %."National Treasury forecasts that household consumption and investment will continue to grow robustly in 2012, and government spending will also support growth," he said.

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Related Links:
• South Africa National Treasury
Official website
• National Treasury’s Budget Vote Speech
18 May 2012
• Latest News
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