Ratings agency Moody’s has cut its 2020 growth forecast for SA to 0.7%, saying the economy remained stuck in low gear due to lacklustre private sector demand at home.

Moody’s, which in September had foreseen growth of 1.5%, also attributed the downgrade to the detrimental impact of widespread power outages on manufacturing and mining activity, it said in a research report released on Monday.

Mines across SA shut down in December after flash flooding triggered the most severe power blackouts in more than a decade, threatening the key export sector...