Presenting FirstRand's annual results this week, CEO Alan Pullinger showed a graph of SA's nominal economic growth rate, which in 2019 sank below 5% - its worst level since 1957.

Markets are more accustomed to seeing the real economic growth rate - growth over and above inflation - which last year was just 0.2%. But it's the nominal or money measure that is more pertinent for corporate revenues and profits as well as for government budgets.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now