AWESOME! South African Economy Bids Farewell To Recession In Just 3 Months
Africa’s second largest economy, South Africa, which slid into recession three months ago, has put the period of negative growth behind it.
In September, it was reported that the economy fell into a technical recession, after recording two consecutive quarters of negative growth.
According to the South African office of statistics, the economy grew by 2.2% in the third quarter of 2018.
This is a boost for President Cyril Ramaphosa, who has been on continuous investment roadshow to shore up the country’s economy, even as he seeks re-election in 2019.
StatsSA had said in September, that the country’s economy slipped into recession based on weaknesses recorded in the agriculture and manufacturing sectors of the country.
A statement from StatsSA showed that agriculture expanded by 6.5%, after an underwhelming first and second quarter of 2018, which impacted heavily on the overall growth.
In Q3 2018, the mining sector was down 8.8%, while the financial and manufacturing sectors were up 2.3% and 7.5%, respectively.
There was also a jump of 3.2% in wholesale and retail trade sales as the nation’s currency appreciated against the US dollars and the British pound, in the period under review.
Nigeria and South Africa, the biggest economies on the continent, have been into recessions that have affected the overall growth of the entire continent.
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