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South Africa

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AFTER PRIVATE CONSUMPTION FUELLED by easy credit resulted in a 5.4 per cent increase in realGDP in 2006, growth in 2007 is estimated at 4.9 per cent following slower consumption due to monetary tightening. Economic activity is expected to slow further to 4 per cent in 2008 as a result of the continued deceleration of private consumption and energy shortages. In 2009, growth is expected to remain strong although investment will replace consumption as its principle driver. Inflation, which rose sharply in 2007 to 6.5 per cent due to oil and food price increases, is expected to increase further to almost 7 per cent in 2008 before edging back into the target band of 3 to 6 per cent in 2009.
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Document Type: Review Article

Publication date: May 1, 2008

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