South African Reserve Bank - Quarterly Bulletin
South Africa cannot escape the negative consequences of the international financial turmoil, notes the South African Reserve Bank's March Quarterly Bulletin.
The report notes that despite the fact that domestic financial institutions had virtually no direct exposure to the troubled assets that were central to the deterioration of credit markets, real GDP contracted in the final quarter of 2008 for the first time in a decade.
The report says that for 2008, growth in real GDP fell to 3.1% after
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