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Government, consumers spend more money

26 Mar 2012

Spending levels among consumers and the government grew at the fastest pace in more than a year and Business Day reports that the South African Reserve Bank is now reasonably upbeat about the state of the economy.

According to figures released by the Reserve Bank, the economy gathered momentum in the final quarter of last year, growing by 3,2% compared with just 1,7% in the previous quarter.

Business Day says the bank's chief economist Monde Mnyande was no prepared to speculate on whether the accelerated spending levels were likely to continue for the rest of the year.

Government spending was sharply higher in the fourth quarter of the year at 7,3%, compared with just 4,8% in the third quarter.

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