Demand for credit from South Africa's private sector fell more than expected in April, reflecting companies' reluctance to borrow further.
South Africa has played down suggestions from Moody's that political pressure could lead to a further deterioration in public finances.
The pace of spending in the economy slowed sharply in the second quarter -- partly as household consumption eased -- but investment has picked up.
South Africa needs to double the rate of its economic growth in order to create jobs, Finance Minister Pravin Gordhan said on Thursday.
South African retail sales rose more than expected in May, growing for the fifth month in a row ahead of the soccer World Cup.
South Africa's current account gap narrowed to a seven-year-low in the fourth quarter of 2010, while expenditure slowed, the Reserbe Bank said.
The deficit on South Africa's current account widened more than expected in the first quarter.
Finance minister and auditor general are to investigate World Cup ticket purchases by government agencies amid concerns over "wasteful expenditure".
The Reserve Bank's note about the economy has hinted at a chance of a rate cut, despite a stronger-than-expected performance in the factory sector.
Nationalisation of South Africa's mines and other economic assets is not government policy, Finance Minister Pravin Gordhan said on Monday.