The International Monetary Fund trimmed its economic growth forecasts for South Africa on Tuesday and said the economy would grow by 3.4 percent this year.

In its latest World Economic Outlook, the IMF said the continent's biggest economy would grow by 3.8 percent in 2012.

Both forecasts were down by 0.1 percentage points from those given in October. For 2011, its projection is in line with the South African Reserve Bank's expectation.