South Africa’s growth won’t reach 2.7% this year – Gordhan

2013-10-07 13:20

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

South Africa’s economic growth won’t reach its 2.7% target this year, but will not fall below 2%, Finance Minister Pravin Gordhan has said.

“Our aspiration to reach 2.7% this year is not going to be reached, but we are not below 2% at this point in time,” Gordhan told an investment conference today.

“We believe we have enough in the pipeline to stay above the 2% mark and get to a very different trajectory.”

The central bank has forecast growth of 2% this year, compared with 2.5% in 2012.

South Africa is one of the “fragile five” emerging economies seen most vulnerable to a withdrawal of US monetary stimulus.

South Africa faces elections next year, but Gordhan said this would not lead to irresponsible spending policies.

“Is this government going to give in to popular pressure, to make irresponsible decisions before elections next year? The answer to all of (these questions) is no. We have chosen a particular way of operating our finances and we intend to continue doing that in future.”

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.