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Economic growth revised downwards

December 7, 2012 12:01 am

Economic growth projections for 2012 have been revised downwards.

The latest Economic Review from the Reserve Bank states that economic growth is expected to be around 2.5% as opposed to the earlier anticipated 2.7%.

Part of this has been blamed on the poor global performance.

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Major economic performers this year are manufacturing, financial intermediation, wholesale and retail, fishing and public administration.

High consumption is in line with the growth in household income and increased new lending for consumption purposes.

Cement sales and lending for investment saw growth in September, suggesting a pickup in building & construction and investment activity.

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