Preliminary indications are that this upward momentum persisted in the following months. However, by the end of the first quarter it became clear to us at the Reserve Bank that South  BIS Review 64/2001  1  Africa could not escape the world economic downturn as weaker international demand affected export volumes in the first quarter. 2.
Domestic output and domestic expenditure  The decline in export volumes contributed to a decline in economic growth. From 4 per cent in the third quarter of last year, growth slowed to 3 per cent in the fourth quarter. Growth fell further to 2 per cent in the first quarter of this year.