http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 17.95Change: -0.17
R/$ = 15.91Change: -0.07
Au 1198.35 $/ozChange: 5.30
Pt 935.00 $/ozChange: 2.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters About Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 09, 2012

Strong ties to crisis-ridden Europe to weigh on SA growth

Back
DRC|Africa|Ghana|Africa|Europe|Democratic Republic Of Congo|DRC|Ghana|Kenya|Mozambique|Nigeria|South Africa|Tanzania|Real Gross Domestic Product|Sub-Saharan Africa
DRC|Africa|Ghana|Africa||Democratic Republic Of Congo|DRC|Ghana|Kenya|Tanzania||
drc|africa-company|ghana-company|africa|europe|democratic-republic-of-congo|drc-country|ghana|kenya|mozambique|nigeria|south-africa|tanzania|real-gross-domestic-product|subsaharan-africa
© Reuse this



While strong near-term growth was anticipated for many sub-Saharan African countries, South Africa’s economic expansion continued to be hampered by the financial spillover from Europe, the International Monetary Fund (IMF) said on Tuesday.

In the latest ‘World Economic Outlook’, the IMF kept its 2012 projected real gross domestic product (GDP) growth for South Africa at 2.6%, but lowered its 2013 outlook to 3%, from its July projection of 3.3%.

South Africa’s economic growth would lag many sub-Saharan countries, including the Democratic Republic of Congo (DRC), Nigeria and Ghana.

Tanzania and Kenya would grow real GDP 6.5% and 5.1% respectively in 2012, with each increasing to 6.8% and 5.6% respectively during 2013. The DRC was expected to grow from 7.1% in 2012 to 8.2% in 2013 and Mozambique from 7.5% to 8.4%.

Nigeria had a real GDP growth forecast of 7.1% in 2012, decreasing to 6.7% next year, while Ghana would experience 8.2% growth this year, lowering to 7.8% in 2013.

Combined, sub-Saharan Africa’s real GDP growth, after expanding by more than 5% every year for the past three years, was expected to be 5% this year, with a strong projected growth of 5.7% next year.

However, the IMF warned that sub-Saharan Africa policymakers should use the window provided by strong growth to rebuild budgetary space and normalise monetary conditions to be better prepared for downside risks.

Despite the favourable outlook for the sub-Saharan region, risks remained high, mostly owing to global uncertainties, elevation of global food prices, the possibility of the eurozone crisis escalating and slowing global growth.

“The primary channel for spillovers is trade. South Africa, strongly linked to Europe, would be particularly affected, with possible repercussions for some economies in southern Africa, and softer commodity prices would adversely affect the region’s natural resource exporters,” the report explained.

The IMF slashed its global economic growth outlook to 3.3% for this year, from 3.5% in the July report and also lowered its forecast for 2013 to 3.6%, from 3.9%.

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Steel producer Evraz Highveld Steel and Vanadium announced on Wednesday that the Department of Labour had put a “pause” to Training Layoff Scheme (TLS) payments in response to confirmation that the proposed sale of the business to International Resources Limited...
About 2 000 workers at LafargeHolcim's South African unit will on Thursday launch an open-ended strike over pay, a labour union said on Wednesday. "The industrial strike would encompass the entire workforce and it will be a total withdrawal of labour by our members...
Amid declining nuclear costs, more nuclear power stations are being constructed now than in any other time in history, according to Australian energy major Peninsula Energy Limited (PEN) CEO Gus Simpson. Addressing delegates at the 2016 Investing in African Mining...
More
 
 
Recent Research Reports
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
Energy Roundup – February 2016 (PDF Report)
The February 2016 roundup covers activities across South Africa for December 2015 and January 2016 and includes details of a Government Gazette notice that confirms Cabinet’s decision to move ahead with the 9 600 MW nuclear procurement programme; State-owned power...
Energy Roundup - December 2015 (PDF Report)
The December 2015 roundup includes details of State-owned utility Eskom’s application to claw back R22.8-billion; South Africa’s ranking as an investment destination for renewable energy; and a nuclear expert’s thoughts on reactor designs for South Africa’s nuclear...
Water 2015: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2015 Report considers the aforementioned issues, not only in the South African context but also in the African and global context in terms of supply and demand, water stress and insecurity, and access to water and sanitation, besides others.
Input Sector Review: Pumps 2015 (PDF Report)
Creamer Media’s 2015 Input Sector Review on Pumps provides an overview of South Africa’s pumps industry with particular focus on pump manufacture and supply, aftermarket services, marketing strategies, local and export demand, imports, sector support, investment...
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
 
 
 
 
 
This Week's Magazine
Power and automation company ABB is in the launch phase of its highest payload, multipurpose industrial robot, the IRB 8700. The robot has a reach of 3.5 m and can handle a payload of up to 800 kg. “When designing the IRB 8700, we emphasised reach and payload, as...
Identity and Access Management (IAM) is a critical facet of a connected security ecosystem, as controlling the confidentiality, integrity and authorisation of data access and use is key to securing new digital business channels. However, companies face several...
RORY YOUNG Managed security services provide companies with a means to actively monitor their environment and ward against threats
Data underpins digital business models, the digital economy, the Internet of Things and the fundamental changes in the ways people interact and protecting data is crucial to securing new ways of doing business, says T-Systems South Africa information and...
The City of Cape Town will issue a tender for the procurement of electric buses for its MyCiTi service, in line with the council’s commitment to lower its carbon footprint, says executive mayor Patricia de Lille. The tender, to be advertised early in February, will...
The iSimangaliso Wetland Park Authority signed a R10-million contract last month with local tailings storage facility specialists Cyclone Engineering Projects to remove about 100 000 m3 of dredge spoil obstructing the natural course of the uMfolozi river, in...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $149 Close
Subscribe Now for $149