South Africa’s Economic Growth Improves

29 February 2012 - Which Way to Pay

Email Article Print Article
    


South Africa’s Economic Growth Improves

According to Statistics South Africa, South Africa’s economy grew at a rate of 3.2 % in the last quarter of 2011, up from a revised 1.7 % in the previous quarter. This figure was slightly better that an expected 3.1 % that was forecasted. Trade industries including wholesale, retail, motor, catering and accommodation all contributed 0.7% to the increase, while the manufacturing industry and government services each contributed 0.6 %. Growth in manufacturing was led by strong growth in the production of iron and steel.  However, the agriculture sector fell by 5%.

Economists at Nedbank said, “Today’s figures confirm that the economy remains vulnerable...Performance remains uneven, with consumers providing the momentum and producers struggling to move forward.”

Despite these improvements the government still forecasts a slower 2012 for growth. Many still remain cautious as gross domestic product could be constrained by the situation in Europe and the uncertainty felt in the global markets as well as South Africa’s own struggle to try and reduce its 23.9 % unemployment figure.  The government says economic growth needs to hit 7 % to reach President’s Jacob Zuma’s goal of creating 5 million jobs by 2020.

Barclay’s analyst Gina Schoeman said, “The many headwinds faced by the production side of the economy cannot be ignored: global demand is slowing, business confidence remains low, cost-push inflation remains rife and local industrial action is likely to emerge once again in 2012.”

news_03.jpg
 

Related Links:
• Statistics South Africa
For statistical publications
• Nedbank
News and media
• Economic Calendar
For scheduled economic events
• South African Reserve Bank
The central bank of South Africa

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

Always dreaming of that brand New car , Vehicle loans can help you achieve just that .
31 August 2018
Which Way To Pay
Vehicle Loans are there to help you to be able to purchase that new car
Read More >>
The south African Rand has been hit drastically with the recent Plunge of the Turkish Lira.
31 August 2018
Which Way To Pay
Our Homeland Currency South African Rand has taken a drastic hit with the Lira on the drop.
Read More >>
Everyone wants that special vehicle , but cant always afford it straight away
18 April 2017
Which Way To Pay
We all know its nice do drive a new car , but not everyone has the cash available , Vehicle loans are the answer
Read More >>