{"id":333319,"date":"2019-08-06T08:36:09","date_gmt":"2019-08-06T06:36:09","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=333319"},"modified":"2019-08-06T08:36:09","modified_gmt":"2019-08-06T06:36:09","slug":"nedbank-cuts-growth-forecast-for-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/333319\/nedbank-cuts-growth-forecast-for-south-africa\/","title":{"rendered":"Nedbank cuts growth forecast for South Africa"},"content":{"rendered":"

Nedbank has revised its growth forecast for South Africa, and has called for more urgency in dealing with the economic and fiscal deterioration in the country’s economy.<\/p>\n

On Tuesday (6 August),the group reported a 5.5% lift in revenue for the six month period ended June 2019, while diluted headline earnings per share of 1,411 cents, was up 3.7% from 1,361 cents in 2018.<\/p>\n

“The SA economy performed worse than expected in the first six months of 2019 and our forecast for SA GDP growth for 2019 has been revised down from 1.3% to 0.5%,” chief executive officer, Mike Brown said in a statement.<\/p>\n

“Significantly more urgency is required with the implementation of structural reforms to stem the economic and fiscal deterioration currently being experienced in the SA economy.”<\/p>\n

“If we are unable to do this, all the hard work done on maintaining our last investment grade rating from Moody\u2019s will be in vain, at great cost to all South Africans as a result of higher inflation and higher interest rates, as well as lower growth and lower levels of employment than would otherwise have been the case,” Brown said.<\/p>\n

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