S. AFRICAN RESERVE BANK SAYS GROWTH RATE ON TARGET
South Africa recorded annualised
real growth in GDP of 3.25 pct in the first quarter of this
year and the economy should achieve the government's target of
three pct growth for 1987, the Reserve Bank said.
    The South African central bank said in its quarterly
bulletin that confidence in the economy improved from January
to May 31 because of the higher gold price, a rise in the
nation's gold and foreign currency reserves and an improvement
in the rand's exchange rate to just under 50 U.S. Cents.
    It noted the growth rate had slowed from 4.5 pct in the
third and fourth quarters of last year.
    It also cited a three year debt recheduling agreement
reached with international creditors in March as evidence of
improved foreign perceptions of the South African economy.
    The accord effectively extends a moratorium on most
repayments of 13 billion dlrs of South Africa's short term
foreign debt. Total foreign debt is 23 billion dlrs.
    South Africa recorded a seasonally adjusted annualised
surplus on the current account of the balance of payments of
7.43 billion rand in the first quarter, compared with a surplus
of 7.24 billion rand in 1986. The bank said it was the ninth
consecutive current account surplus since the start of 1985.
 REUTER
