GDP growth of 2.2% in third quarter sees SA get out of recession
04 December, 2018, 21:32
South Africa emerged from its first recession in nearly a decade in the third quarter as recoveries in manufacturing and agriculture contributed to an increase in economic growth.
Last month Business Report reported that the R290 billion investment that was pledged at the Presidential Investment Summit, as stated by President Cyril Ramaphosa, will add about R338bn to South Africa's gross domestic product (GDP) over the next five years.
Third-quarter GDP growth data was released on Tuesday.
The announcement follows a strong week for the local rand currency which has benefited from a detente in the United States' trade war with China.
An analyst at NKC African Economics Elize Kruger said: "The result was in line with our forecast of 2% quarter-on- quarter, which is good news and also means the 0.7% growth forecast for full-year is still on track".
Investec economist Kamilla Kaplan said yesterday that a modest rebound in economic activity was expected in the quarter following the technical recession in the first half of the year.
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