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Economic growth brings dignity - Motlanthe

Kgalema Motlanthe says government continues to foster economic growth & innovation.

Kgalema Motlanthe says government continues to bring economic growth and innovation to South Africans. Picture: SAPA.

JOHANNESBURG - Deputy President Kgalema Motlanthe says South Africa's economy has grown at an average rate of over 3 percent a year since 1994.

Motlanthe was speaking at the Mail & Guardian's Economic Transformation Summit in Sandton on Wednesday.

He says the government continues to bring dignity to the lives of all South Africans through economic growth and innovation.

But the deputy president says even though this country has come a long way there's still a lot of work to be done.

"We've turned around an economy turned by distortions which included large domestic debt, high inflation and interest rates as well as stabilise the financial fundamentals."

Economists say the South African Reserve Bank's decision to hike interest rates by 50 basis points is likely to lead to slower growth in house prices.

Reserve Bank Governor Gill Marcus said the bank was hiking rates because it was concerned about rising inflation.

FNB property economist John Loos said, "Growth may be slower but we previously expected it strengthen and it will have a slowing effect on the residential market."

The rand dropped dramatically following the bank's rates announcement touching R11.37 to the US Dollar.

It has since strengthened slightly.