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.

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