GDP growth: SA slowly grinding to a halt.

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Pretoria - South Africa’s economic growth outlook remained dismal, as Finance Minister Malusi Gigaba’s budget on Wednesday gave few answers on how the country could ignite the growth needed. 

“It is not in the public interest, nor is it in the interest of government to sugar-coat the state of our economy and the challenges we are facing,” Gigaba warned in his mini budget speech. 

South Africa’s economic figures are painting a picture of an economy slowly grinding to a halt. The country’s projected gross domestic product (GDP) growth for 2017 has been adjusted downwards to 0.7%, Treasury stated in its Medium-term Budget Policy Statement.

The projected growth was forecast at 1.3% earlier this year when former finance minister Pravin Gordhan delivered the budget at the end of February. 

Full story at Fin24.

By Yolanda Groenewald.