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SARB Projections See Growth Marked Down for 2023

SOUTH AFRICA

SARB press conference begins, projections see growth marked lower, but inflation remaining relatively high:

  • 2023 GDP growth downgraded to 0.3% from 1.1%
  • 2023 CPI seen at 5.4% (Prev. 5.4%), 2024 at 4.8% (Prev. 4.5%)
  • 2023 Core CPI seen at 5.2% (Prev. 5.5%), 2024 at 4.7% (Prev. 4.8%)

The bank state that risks to the inflation outlook are assessed to the upside.

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SARB press conference begins, projections see growth marked lower, but inflation remaining relatively high:

  • 2023 GDP growth downgraded to 0.3% from 1.1%
  • 2023 CPI seen at 5.4% (Prev. 5.4%), 2024 at 4.8% (Prev. 4.5%)
  • 2023 Core CPI seen at 5.2% (Prev. 5.5%), 2024 at 4.7% (Prev. 4.8%)

The bank state that risks to the inflation outlook are assessed to the upside.