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South African GDP per capita stalled for almost three years. Expected growth for 2017 (+1%) and 2018 (+1.5%) will not be enough to deliver fresh per capita income growth. It created some discontent and contributed to private confidence (business as well as consumer one) slump. The trigger of this slow growth momentum was the decision of Chinese authorities to let growth slow in 2011. It implied less demand for metals, a fall in metal prices (key South African export) and a related depreciation of the rand exchange rate (-46% from 2011 to date).

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