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19 MAGGIO 2017

18:30 - Sud Africa

IMF FORECASTS GROWTH OF 1% IN SOUTH AFRICA THIS YEAR

(ICE) - ROMA, 19 MAG - The International Monetary Fund raised its forecast for economic growth in South Africa to 1% from 0.8% in April. The 0.2% increase is due to the end of the worst drought that South Africa has experienced in over a century, which will lift agricultural production, together with a recovery in the mining sector boosted by rising commodity prices. In a statement after a so-called “Article IV” visit by officials between 3-16 May, the IMF said that the consumer inflation rate would probably fall below the 6% upper limit of the Reserve Bank’s target band in the second half of this year. IMF team leader Paolo Mauro warned however that the pace of recovery in 2017 and 2018 is unlikely to prevent a further increase in unemployment and a continued decline in per capita incomes. Mining production surged 15.5% year on year in March, beating analysts’ estimates, while manufacturing output rebounded in the same month from a decline in February. The economy grew 0.3% last year, the slowest since a 2009 recession. According to the IMF, the government now faces a dual challenge of stimulating growth while making the economy more inclusive. (ICE JOHANNESBURG)

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