September 10, 2019 / 7:27 AM / 10 days ago

Moody's cuts South Africa's 2019 GDP growth forecast to 0.7%

JOHANNESBURG, Sept 10 (Reuters) - 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. (Reporting by Mfuneko Toyana; Editing by Catherine Evans)

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