The real growth of GDP in 2006/07 is estimated at 6 percent, while more recent estimates indicate that economic growth excluding mining and government accelerated further in the second half of 2007. Monetary policy implementation in the first half of 2008 For the first four months of 2008, the Bank Rate, which had last been changed in June 2007, was at 14.5 percent.
At the time, while a short-term deterioration in the outlook for inflation was anticipated, the medium-term projection indicated a sustained improvement. It was also appreciated that there were upside risks arising from the escalating food, fuel and other administered prices, as well as the impact of a wage-induced increase in demand.