Notwithstanding these slightly adverse developments, global economic expansion is expected to remain broadly on track against the background of continued supportive global financial conditions. Turning to developments in South Africa, it is pleasing to note that the record upswing in economic activity continues apace.
What is particularly gratifying is that the rapid expansion in economic activity in the second quarter of this year marked the twenty-third consecutive quarter of uninterrupted growth since the economy began the current upswing in 1999.