The government’s official growth forecast for the country’s economy for 2017 is 1.3%‚ the Presidency reaffirmed on Sunday.
It clarified in response to inquiries that a reference to an economic growth rate of 2.9% in the ANC’s January 8 anniversary statement was the projected growth rate for the Sub-Saharan Africa region and not South Africa.
“Growth in Sub-Saharan Africa is estimated to have slowed to 1.4% 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‚” the Presidency stated.
It added that the government would provide further updates on the growth estimates during the 2017 Budget presentation in February.
Government’s official economic growth forecast for 2017 is 1.3%
The government’s official growth forecast for the country’s economy for 2017 is 1.3%‚ the Presidency reaffirmed on Sunday.
It clarified in response to inquiries that a reference to an economic growth rate of 2.9% in the ANC’s January 8 anniversary statement was the projected growth rate for the Sub-Saharan Africa region and not South Africa.
“Growth in Sub-Saharan Africa is estimated to have slowed to 1.4% 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‚” the Presidency stated.
It added that the government would provide further updates on the growth estimates during the 2017 Budget presentation in February.