SA's short-term economic outlook remains "decidedly upbeat", but the growing current account deficit and high oil price are important risks, according to the Bureau for Economic Research chief economist Pieter Laubscher.

The country's real gross domestic product growth should come to 4.5 percent this year and decelerate to 4.2 percent next year, all of which is cyclical in nature, Laubscher says.

Yet according to the BER, key risks remain to SA's economy, both on the international terrain and what Laubscher terms the "uncomfortably high" current account deficit.

CPIX inflation should accelerate to five percent early next year, but will remain within the SA Reserve Bank's three to six percent target. However, "oil price volatility remains an obvious risk to the outlook for inflation", he added.

The rand, which is expected to deteriorate further, is not likely to "destabilise the inflation or interest rate picture", Laubscher said.

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