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Financial News: South Africa Economy Grows In Q2, Escapes Recession

South Africa Economy Grows In Q2, Escapes Recession

09/03/2019 - 09:43:00 (RTTNews)

(RTTNews) - South Africa's economy escaped a recession by growing strongly in the second quarter, preliminary figures from Statistics South Africa showed on Tuesday.

Gross domestic product grew a seasonally adjusted and annualized 3.1 percent from the first quarter, when the economy shrunk 3.1 percent. Economists had forecast 2.4 percent growth.

The latest pace of growth was the strongest since the fourth quarter of 2017, when the economy grew 3.4 percent.

The largest positive contributors to growth in GDP in the second quarter were mining, finance, trade and general government services, the statistical office said.

Second quarter growth was driven by a strong recovery in the mining sector, where output grew 14.4 percent after declining in the previous two quarters.

Manufacturing output rose 2.1 percent following an 8.8 percent slump in the previous three months.

Household consumption rose 2.8 percent after a 0.6 percent decline in the previous quarters. Gross fixed capital formation grew 2.8 percent after a 2 percent rise in the previous quarter.

On an unadjusted basis, GDP grew 0.9 percent year-on-year in the second quarter after stagnating in the previous three months. Economists had forecast 0.7 percent growth.

Elsewhere in Africa, Nigeria's economy grew 1.94 percent year-on-year in the second quarter after a 2.1 percent expansion in the first quarter.

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