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Moody's cuts SA's 2019 GDP growth forecast to 0.7%

Credit ratings firm Moody’s further trimmed its economic growth forecast for South Africa to 0.7% in 2019 from a June forecast of 1.0%.

A sign for Moody's rating agency stands in front of the company headquarters in New York in 2012. Picture: AFP.

JOHANNESBURG - Credit ratings firm Moody’s further trimmed its economic growth forecast for South Africa to 0.7% in 2019 from a June forecast of 1.0%, saying a slowdown in global and regional growth would impact negatively on government tax revenue and hurt growth.

Moody’s, which assigns South African debt its only remaining investment-grade rating, sees gross domestic product growth in 2020 of 1.5%, its associate managing director for financial institutions Antonello Aquino said on Tuesday at a credit conference in Johannesburg.