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Last updated: 25 August 2004

Economy grows by 3%, says Mboweni – Cape Times Business Report

Reserve Bank governor Tito Mboweni said yesterday that the South
African economy expanded by 3% in the first half of 2004, from 1% growth in the second half of last year.

“Increased government expenditure on infrastructural development, tax reductions, a lowering of interest rates and annual increases in salaries and wages stimulated domestic demand and resulted in a more rapid rate of increase in domestic production from the beginning of 2004,” Mboweni said at an annual general meeting in Pretoria.

While growth had been strong, Mboweni said it had failed to create the additional jobs needed to reduce the 30% unemployment rate.

“Although this rate of increase exceeded the population growth and accordingly led to an increase in the income per capita of the country, it was accompanied by a decline in employment,” Mboweni said.