Retail figures drag down growth in first quarter

SA plunged into a recession in the first half of 2018 for the first time since the global financial crisis. The economy contracted 2.2% in the first quarter. In response, Ramaphosa announced an economic stimulus plan with a range of reforms.

Ramaphosa told investors at a Goldman Sachs conference on Wednesday that the government will speed up economic reforms and focus on sector-specific boosts.“We know the constraints on the economy and we need to speed up on them. Following the technical recession last year, we embarked on an economic stimulus plan and identified a number of reform issues we had to address. That’s already under way,” he said.

“We need to look at every sector where there is weakness and lagged growth and what gives rise to it. What can be egged on to get things to perform better in these sectors?” Analysts expect the economy to improve in April based on more positive surveys that suggest confidence and activity picked up, along with power-cut reprieves.

Despite an expected rebound, growth will not likely trend sustainably higher, FNB economist Jarred Sullivan said.

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