South Africa on target for 3.4% GDP growth rate

Mail & Guardian Online

Finance Minister Pravin Gordhan welcomed South Africa's first quarter GDP figures, saying the country was on target to achieve 3.4% growth for the year. 

Gordhan made his remarks on Tuesday morning before the parliamentary finance committee soon after the release of the data. According to Statistics South Africa, the country's economy grew at a rate of 4.8% in the first three months of this year compared to an expected 4.25% and better than the 4.5% experienced in the last quarter of 2010.Gordhan told the committee that he was worried about imported inflation from some of South Africa's key trading partners including China and India and that the Euro debt crisis was of concern.

He touched on international monetary flows, a major factor in keeping the rand overvalued