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Article: South Africa : South African Credit Growth Slows to 1.5% as Spending Drops.
- Article from:
- TendersInfo
- Article date:
- October 30, 2009
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Byline: babalu03
South African credit growth slowed to an annual 1.5 percent in September as consumers cut back on spending and banks curbed loans.
Credit expansion eased from 2.3 percent in August, the Pretoria-based central bank said on its Web site today. The median estimate of 14 economists surveyed by Bloomberg was for credit growth of 2.2 percent.
Consumer spending, which accounts for two-thirds of expenditure in the economy, fell for a fourth consecutive quarter in the three months through June, dropping an annualized 5.8 percent, the central bank said on Sept. 3. Banks, including Absa Group Ltd., South Africa s biggest retail lender, ...