South Africa breaks free of technical recession

Statistics South Africa (Stats SA) announced on Tuesday that the country has broken out of the technical recession owing to a gross domestic product (GDP) growth rate of 2.5% in the second quarter of 2017.

Dr Pali Lehohla, the Statistician-General of South Africa announced the figures at a briefing in Tshwane, earlier on Tuesday.

EWN senior reporter, Barry Bateman was at the media briefing. He explains that the biggest contributor was the agriculture, forestry and fishing industry, which increased by 33.6% and contributed 0.7 of a percentage point to GDP growth. While the mining industry increased by 3.9% and contributed 0.3 of a percentage point to GDP growth.

The big thing to take from this is that we have broken out of that technical recession.

Barry Bateman, EWN senior reporter

The last time we have seen growth in the GDP was in the third quarter of last year and that was just point four percent growth.

Barry Bateman, EWN senior reporter

Listen to the EWN report here:


This article first appeared on 702 : South Africa breaks free of technical recession


Recommended

by NEWSROOM AI
Read More
Africa Report: Sierra Leone may enter state of emergency

Africa Report: Sierra Leone may enter state of emergency

Sierra Leone considers imposing state of emergency for relief and political reasons says African correspondent, Crystal Orderson.

Western Cape tourism on the up and up

Western Cape tourism on the up and up

Wesgro chief marketing officer Judy Lain says there are over 10 hotel developments in Cape Town alone.

Thabi Leoka: "We mustn't forget the power of leadership"

Thabi Leoka: "We mustn't forget the power of leadership"

Leoka was reflecting on the state of the economy, warning that it will get worse before it gets better.

As recession bites, residents ask MyCiti for student discounts

As recession bites, residents ask MyCiti for student discounts

Mayco member for Transport Brett Herron responds to pleas for the city to consider giving student discounts.

"We can't grow our economy when our working population is unemployed"

"We can't grow our economy when our working population is unemployed"

Economic strategist, Thabi Leoka gives insights into the struggling South African economy.

Recession for who? H&M looks to open 17th store in SA

Recession for who? H&M looks to open 17th store in SA

Swedish retail company H&M reveals that by the end of 2017, it will have 17 stores in South Africa.

Nedbank profits down 3.7%

Nedbank profits down 3.7%

The Money Show’s Bruce Whitfield interviews Nedbank Group CEO Mike Brown.

Pick n Pay cuts 10% of staff (market cheers, sending share price up by 2.9%)

Pick n Pay cuts 10% of staff (market cheers, sending share price up by 2.9%)

The Money Show’s Bruce Whitfield interviews Pick n Pay CEO Richard Brasher.

David Makhura promises transparent systems on who gets infrastructure tenders

David Makhura promises transparent systems on who gets infrastructure tenders

The Gauteng Premiere addressed investors at the Gauteng Infrastructure Investment Conference on how to grow the economy.

DA will call for early election if Zuma loses motion of no confidence

DA will call for early election if Zuma loses motion of no confidence

Mmusi Maimane says for South Africa to survive, change is needed.

Popular articles
You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

Group distances itself from N2 car spinners caught on film

Group distances itself from N2 car spinners caught on film

It turns out that the petrol heads who span cars on the N2 were part of the SA Torque Cape Town Breakfast Run.

Uber customer threatened with hockey stick by driver

Uber customer threatened with hockey stick by driver

An Uber customer shares how she was threatened by an Uber driver with a hockey stick after a disagreement.

Unauthorised debit orders: When last did you check your bank statement?

Unauthorised debit orders: When last did you check your bank statement?

Unauthorised debit orders are a huge problem affecting thousands of South Africans.

Heads to roll for N2 car spinning frenzy

Heads to roll for N2 car spinning frenzy

WC Traffic Chief says there was no authorisation given for cars to be spun on a provincial road with the protection of officers.

Menthols far deadlier than regular cigarettes, finds FDA. BAT shares tumble 11%

Menthols far deadlier than regular cigarettes, finds FDA. BAT shares tumble 11%

A proposed FDA ban wiped R176bn from British American Tobacco's market cap. Bruce Whitfield talks to Dr Richard van Zyl-Smit.