CLARITY ON GROWTH RATES OF SOUTH AFRICA AND SUB-SAHARAN AFRICA

 15 January 2017

The Presidency has received a number of inquiries about the reference to an economic growth rate of 2.9 percent in the January 8 anniversary statement of the governing party, the ANC.

The 2.9 percent mentioned in the statement is the growth rate for Sub- Saharan Africa.

Growth in Sub-Saharan Africa is estimated to have slowed to 1.4 percent in 2016 from 3.4 per cent in 2015. For 2017 growth in the region is more optimistically projected to rise to 2.9 per cent. 

In the Medium Term Budget Policy Statement, or mini-Budget issued in October last year, the South African government indicated that South Africa is expected to grow at 0.5 per cent in 2016, rising to 1.3 per cent in 2017.

This remains government's official forecast.

Government will provide further updates on the growth estimates during the 2017 Budget presentation in February.

Statement issued by Dr Bongani Ngqulunga, The Presidency, 15 January 2017