World Cup to boost SA growth rate – Gordhan

2010-07-23 11:54

The recent Fifa World Cup will boost South Africa’s growth rate by one percentage point this year, the finance minister has said.

“We had forecast that the 2010 Fifa World Cup would add 0.5% to annual growth this year,” Finance Minister Pravin Gordhan told business leaders at a dinner last night.

But, he said, when spending on stadiums and infrastructure since 2006 was taken into account that rose to a one percentage point increase.

The government spent R33 billion on preparation for the month-long tournament.

In February, the minister said South Africa’s economy was expected to grow by 2.3% this year, boosted in part by the football World Cup, after contracting by 1.8% last year.

He added that the government was looking at the event to learn lessons for the future.

“These lessons will be taken forward in our public sector infrastructure programme, where R6 billion has been committed over the next three years,” Gordhan said.

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