September 13, 2018 / 7:34 AM / 2 months ago

South Africa's economic recovery will be slow, below Treasury estimate - Moody's

JOHANNESBURG, Sept 13 (Reuters) - A recovery in South Africa’s economic growth will be slow and less than the Treasury’s estimate of 1.5 percent for 2018 following a surprise contraction in the first two quarters, ratings agency Moody’s said on Thursday.

“Growth is going to be below 1 percent, to what extent it’s difficult to say,” Lucie Villa, Moody’s lead analyst for South Africa, told the agency’s annual Sub-Saharan Africa conference, referring to this calendar year.

Moody’s is the last of the top rating agencies to have Pretoria’s long-term foreign-currency debt in investment grade. (Reporting by Alexander Winning Writing by Mfuneko Toyana Editing by James Macharia)

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