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Signs show SA economy is growing - Treasury

Treasury says it believes changes in political leadership have led to a significant improvement in economic confidence and government is prioritising inclusive growth.

Picture: Supplied.

JOHANNESBURG - National Treasury says changes in governance at critical state-owned enterprises along with other factors are expected to improve the investment climate in South Africa.

This comes after rating agency Fitch affirmed South Africa's long-term foreign and local currency credit ratings at BB+ with a stable outlook.

Treasury says it has noted Fitch's reasons for keeping the ratings unchanged but says there are positive signs that the economy is recovering.

Treasury says tangible progress has been achieved in boosting confidence.

It says this is because of collaboration between government, business, labour and civil society which is positioning South Africa as an attractive investment destination.

However, Fitch says the ratings are weighed down by sizeable government debt and contingent liabilities.

But it notes that growth is expected to recover to 1.7% this year and 2.4% in 2019.

Treasury says it believes changes in political leadership have led to a significant improvement in economic confidence and government is prioritising inclusive growth.

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