Indeed, the SARB’s internal econometric models estimate that activity will recoup part of that first-quarter decline in the second quarter of the year. That said, the less volatile year-on-year comparison shows that GDP growth slowed to zero in the first quarter of the year, which was the weakest performance in exactly three years and one that was indeed consistent with other indicators of activity.
In India, Russia, Argentina, Turkey, Indonesia, and Saudi Arabia the amount of non-bank financial activity remained below 20 per cent of GDP at the end of 2012. However, the sector was growing rapidly in some of these jurisdictions. How are shadow banks dissimilar to banks? 7.