S. AFRICAN RESERVE BANK SAYS GROWTH RATE ON TARGET South Africa recorded annualised real growth in GDP of 3.25 pct in the first quarter of this year and the economy should achieve the government's target of three pct growth for 1987, the Reserve Bank said. The South African central bank said in its quarterly bulletin that confidence in the economy improved from January to May 31 because of the higher gold price, a rise in the nation's gold and foreign currency reserves and an improvement in the rand's exchange rate to just under 50 U.S. Cents. It noted the growth rate had slowed from 4.5 pct in the third and fourth quarters of last year. It also cited a three year debt recheduling agreement reached with international creditors in March as evidence of improved foreign perceptions of the South African economy. The accord effectively extends a moratorium on most repayments of 13 billion dlrs of South Africa's short term foreign debt. Total foreign debt is 23 billion dlrs. South Africa recorded a seasonally adjusted annualised surplus on the current account of the balance of payments of 7.43 billion rand in the first quarter, compared with a surplus of 7.24 billion rand in 1986. The bank said it was the ninth consecutive current account surplus since the start of 1985.