S. AFRICAN RESERVE BANK SAYS GROWTH RATE ON TARGET
  South Africa recorded annualised
  real growth in GDP of 3.25 pct in the first quarter of this
  year and the economy should achieve the government's target of
  three pct growth for 1987, the Reserve Bank said.
      The South African central bank said in its quarterly
  bulletin that confidence in the economy improved from January
  to May 31 because of the higher gold price, a rise in the
  nation's gold and foreign currency reserves and an improvement
  in the rand's exchange rate to just under 50 U.S. Cents.
      It noted the growth rate had slowed from 4.5 pct in the
  third and fourth quarters of last year.
      It also cited a three year debt recheduling agreement
  reached with international creditors in March as evidence of
  improved foreign perceptions of the South African economy.
      The accord effectively extends a moratorium on most
  repayments of 13 billion dlrs of South Africa's short term
  foreign debt. Total foreign debt is 23 billion dlrs.
      South Africa recorded a seasonally adjusted annualised
  surplus on the current account of the balance of payments of
  7.43 billion rand in the first quarter, compared with a surplus
  of 7.24 billion rand in 1986. The bank said it was the ninth
  consecutive current account surplus since the start of 1985.
  

