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Cabinet hails green economy partnership

Pretoria – Cabinet has commended South Africa’s labour, business and civil society for partnering with government in signing the Green Economy Accord, which it said strengthened the country’s position leading up to the Durban COP17 conference next week. The Accord, signed on 17 November, aims to create 30 000 jobs in the green economy sector […]

Cabinet hails green economy partnership is a post from: GlobalBuzz SA

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Taxation amendments aim to assist economy

Taxation Amendments

Taxation Amendments

Pretoria – Adjustments to the country’s taxation bills currently before Parliament aim to help grow the South African economy, and will alleviate the burden on ordinary working citizens, says Finance Minister Pravin Gordhan. [Read more…]

SA economy slacks growth

South Africa GDP

South Africa GDP

Pretoria – The South African economy’s Real Gross Domestic Product (GDP) contracted to 1.3% in the second quarter of 2011, the slowest rate in almost a year.

“Real GDP at market prices increased by 1.3% during the second quarter of 2011 compared with an increase of 4.5% during the first quarter of 2011,” Statistics South Africa (Stats SA) acting executive manager of national accounts, Gerhardt Bouwer, said on Tuesday. [Read more…]

SA economy set to grow

Cape Town Economy

Cape Town Economy

Cape Town – South Africa’s economy has been projected to grow between 3.5 and 3.8 percent this year, up from -7.1 and 2.8 percent in the last two years respectively.

The Financial and Fiscal Commission revealed this on Monday, indicating that the growth showed the economy was mending from the recession.

Despite the positive picture, a lot still needs to be done as unemployment, poverty, inequality and low growth continued, it said.

The commission tabled before Parliament its recommendation for 2012 and 2013.

Addressing the media, the commission’s Deputy Chair Bongani Khumalo said that it was up to Parliament to enforce their recommendations.

Khumalo said that despite the provision of social grants, poverty remained high among “black and female-headed households.”

Inadequate educational and health outcomes are similarly skewed against the poor, he said, adding that “distorted settlement patterns” meant those same people were located out of towns and in rural areas.

He said that while government had made steps in achieving its social goals, it should pay attention to issues of inequality, poor educational attainment and child maternal mortality.

Looking ahead, Khumalo said, the key issue for the country was to “strike a balance around inclusive growth and job creation together with fiscal sustainability and low inflation.”

He emphasised that national, provincial and local government should “further prioritise expenditures in respect of equitable share and conditional grants for 2012/13, to meet the Millennium Development Goals (MDGs).”

He urged government to prioritise the attainment of universal education and push the fight against HIV and Aids.

In addressing local government issues, Khumalo said the commission believed that “sustainable development is anchored in a well-functioning local government sector and vibrant urban economies in particular.”

He said national and provincial treasuries’ efforts to improve the credibility of municipal budgets through annual benchmarking should continue to be supported and results made public.

In addition, he said, government should “develop and support peer learning and support programmes that assist poorly performing municipalities.”

He recommended that increases in education spending should be directed towards “investments that will have the biggest impact on quality.” That, he said, included learner and teacher support material and scholar transport. – BuaNews

DTI secures R28bn in investments for SA

Cape Town – The Department of Trade and Industry has helped to conclude a total of R28 billion in investments in the South African economy and aims to help facilitate R115 billion in investments in the next few years, the Minister of Trade and Industry Rob Davies said today.

The R115 billion target falls under Davies’s performance agreement that he signed last year with President Jacob Zuma.

Briefing media in Parliament following his Budget Vote speech this morning, Davies said of the R28 billion which has already been committed, R13 billion was in the automotive sector, with much of the remainder in business-process services. [Read more…]

Ministers outline spending plans

Pretoria – Cabinet ministers will today begin unveiling plans on how they will utilise the money allocated to their departments by Finance Minister Pravin Gordan in his national budget earlier this year.

The Budget Vote presentations will start in Cape Town today with Economic Development Minister Ibrahim Patel expected to tell Members of Parliament how he intend spending the R549 million allocated to his department for the 2011-2012 financial year. [Read more…]