This is significantly lower than National Treasury's projection of 1.6% in 2026 and 1.8% over the medium term, reaching 2% by 2028, although the finance minister Enoch Godongwana has said they will review the country's economic growth forecast before October's mid-term budget.
S&P Global Ratings has lowered South Africa’s economic growth forecast for 2026, warning that higher inflation, rising energy costs and the prospect of further interest rate increases will weigh on the economy over the next two years.
In its latest Economic Outlook for Emerging Markets, released on Thursday, S&P revised South Africa’s 2026 gross domestic product (GDP) growth forecast down by 0.2 percentage points to 1.3%, from 1.5% projected in March.
The ratings agency also cut its 2027 growth forecast by the same margin to 1.5%.
This is significantly lower than National Treasury's projection of 1.6% in 2026 and 1.8% over the medium term, reaching 2% by 2028, although the finance minister Enoch Godongwana has said they will review the country's economic growth forecast before October's mid-term budget.
