Nedbank and Standard Bank have joined FNB in cutting their growth forecasts for SA‚ citing rising concern that business confidence and investment will not pick up.
FNB revised down its growth forecast for SA last week. Absa has not revised its forecast‚ with the bank still expecting the economy to grow 1% in 2017.
The downward growth revisions come as the Reserve Bank‚ which released its composite leading business cycle indicator on Tuesday‚ maintained a positive growth outlook for 2017 at 1%.
FNB revised its forecast from 1.1% to 0.7%. Standard Bank has marginally revised its forecasts from 1.2% to 1.1%‚ while Nedbank changed its projection from 0.7% to 1.1%.
TMG Digital
Banks cut growth forecast for SA
Nedbank and Standard Bank have joined FNB in cutting their growth forecasts for SA‚ citing rising concern that business confidence and investment will not pick up.
FNB revised down its growth forecast for SA last week. Absa has not revised its forecast‚ with the bank still expecting the economy to grow 1% in 2017.
The downward growth revisions come as the Reserve Bank‚ which released its composite leading business cycle indicator on Tuesday‚ maintained a positive growth outlook for 2017 at 1%.
FNB revised its forecast from 1.1% to 0.7%. Standard Bank has marginally revised its forecasts from 1.2% to 1.1%‚ while Nedbank changed its projection from 0.7% to 1.1%.
TMG Digital
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