South Africa slashes growth estimate in fresh sign of emerging market slump

South Africa's central bank has begun its rate announcement

The South African Reserve Bank warned that the outlook has deteriorate, although there are no expectations of a rate cut today.

Growth this year is now seen at 1.5% compared to 2.0% in July. The 2016 growth forecast was lowered to 1.6% from 2.1% and 2017 to 2.1% from 2.6%. Inflation forecasts were also lowered moderately.

The SARB will announce rates partway through the press conference but there was some talk of a hike to 6.25% from 6.00%. Two of 31 economists surveyed called for rates to rise with the remainder expecting no change.