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