Between 2008 and 2010, the number of available rooms increased by 20% and 

there was an additional 2.9% increase in 2011 as rooms that entered the market in 2010

enjoyed a full-year of availability. This increase was far faster than the market

could bear and occupancy rates dropped from 68.4% in 2008 to 53.0% in 2011. 

We look for real GDP growth in South Africa to improve to 2.1% in 2015 from only

1.4% in 2014, but this increase will be less than the annual gains over the 2010-13

period. We do not expect growth to exceed 3% until 2018-19. For the next four years,

South Africa is projected to grow more slowly than the overall global economy. Growth for

the entire forecast period will average an estimated 3.0% compounded annually.