Sarb annual report notes ‘pedestrian’ growth days after rate cut

sarb

The South African Reserve Bank (Sarb) today (July 23) released its Annual Economic Report, which said growth had been "pedestrian" since the economy's recovery from recession in 2009 and identified weaknesses in a number of other areas.

The Sarb reported that output had recovered from lows of -1.5% in 2009, rising to 3.1% in 2011 before "losing some momentum" and declining to 2.7% in the first quarter of 2012. The central bank said this was "significantly below potential", noting that growth had

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