Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


World Cup adds One Percent to S.A Annual Growth

JOHANNESBURG, July 23 – The world Cup will boost the South African growth rate by one percentage point this year, the finance minister said late Thursday.

"We had forecast that the 2010 FIFA World Cup would add 0.5 percentage points to annual growth this year," Finance Minister Pravin Gordhan told business leaders at a dinner late Thursday.

But, he said, when spending on stadiums and infrastructure since 2006 was taken into account that rose to a one percentage point increase.

The government spent 33 billion rands (4.4 billion dollars, 3.4 euros) on preparation for the month-long tournament which was held on the African continent for the first time.

In February, the minister said South Africa\’s economy was expected to grow by 2.3 percent this year, boosted in part by the football World Cup, after contracting by 1.8 percent last year.

He added that the government was looking at the event to learn lessons for the future.

"These lessons will be taken forward in our public sector infrastructure programme, where six billion rands has been committed over the next three years," Gordhan said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...