South Africa: Staff Report for the 2003 Article IV Consultation
Volume/Issue:
Volume 2004
Issue 178
Publication date: July 2004
ISBN: 9781451841008
$20.00
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Topics covered in this book
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Business and Economics , Exports and Imports , Inflation , Labor , Economics- Macroeconomics , ISCR , CR , CPIX inflation , mining output , vehicle sale , exchange rate , price pressure , activity indicator , Inflation , Exchange rates , Unemployment , Employment , Africa , Global
Summary
This 2003 Article IV Consultation highlights that the South African economy performed well in 2002, notwithstanding difficult global economic conditions. Supported by sound macroeconomic management and a highly competitive exchange rate, real GDP growth rose to 3.0 percent in 2002 from 2.8 percent in 2001. However, growth slowed to 1.5 percent in the first quarter of 2003, largely in response to a strong currency appreciation and tight financial conditions. The sharp currency depreciation that occurred in the second half of 2001 provided a major boost to activity during much of 2002.
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