Bloomberg News

Rand Extends Decline as South African Growth Misses Estimates

August 30, 2011

Aug. 30 (Bloomberg) -- The rand extended its decline against the dollar after South Africa’s economy expanded at a slower rate than analysts estimated in the second quarter.

The currency of Africa’s biggest economy depreciated 0.4 percent to 7.0787 per dollar by 11:32 a.m. in Johannesburg. It traded at 7.0648 before the data were released.

Economic growth slowed to an annualized 1.3 percent in the second quarter from a revised 4.5 percent in the first three months of the year, Statistics South Africa said in a report today. The median estimate of 18 economists surveyed by Bloomberg was for 1.6 percent.

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net


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