Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UPDATE 1-S.Africa finmin says Q2 growth moderated-paper

Published 07/09/2010, 02:24 AM
Updated 07/09/2010, 02:28 AM

JOHANNESBURG, July 9 (Reuters) - South Africa's growth probably moderated in the second quarter but the recovery is still intact and the economy will grow in 2010 more than the 2.3 percent projected in February, the finance minister said.

"We have seen a gradual improvement in economic conditions. The pace of growth probably moderated somewhat in the second quarter," the Business Day newspaper quoted Pravin Gordhan as saying on Friday.

South Africa's economy grew by 4.6 percent quarter-on- quarter in the first quarter, quickening the pace of a recovery that started in the third quarter of 2009, after the country's first recession since 1992.

Data has shown manufacturing -- a key contributor to GDP -- was slowing partly on concerns about a slowdown in Europe.

Gordhan said the economy was still on course for a recovery and growth in calendar 2010 would likely be more that the 2.3 percent the Treasury forecast in February.

"The recovery in South Africa has been stronger than expected, and we don't see ourselves making major revisions to the forecast at this point," he said.

The Treasury releases its official growth forecasts twice a year in February and October. (Reporting by Phumza Macanda; Editing by Neil Fullick)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.