BREAKING NEWS: South Africa moves out of #recession

JOHANNESBURG - Statistics from Statistics South
Africa released today showed that the country
moved out of recession in the second quarter of
the year after the economy expanded an
annualized 2.5% in second quarter of this year.
This marked the end of two-quarters of contraction
and beating market expectations of a 2.1% rise in
gross domestic product (GDP). It was also the
highest growth rate in a year with agriculture,
forestry and fishing making the largest upward
contribution, namely field crops and horticultural
products.
In June, the Stats agency said South Africa slipped
into technical recession for the first time since
2009 after the economy contracted in the first
quarter, led by weak manufacturing and trade
sectors. This is after Africa's most developed
economy contracted by 0.7% in the first quarter
after shrinking by 0.3% in the fourth quarter of last
year.
You may also be interested in: DA responds to
2.5% GDP growth
Macroeconomics statistics website Trading
Economics says GDP Growth Rate in South Africa
averaged 2.84% from 1993 until 2017, reaching an
all time high of 7.60% in the fourth quarter of 1994
and a record low of -6.10% in the first quarter of
2009.
Meanwhile, Africa’s second biggest economy,
Nigeria, also moved out of recession after its ailing
economy expanded 0.55 percent year-on-year in
the second quarter of the year.

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