South Africa is out of the recession.
GDP grew by 2.5% in the second quarter of the year after shrinking in the last quarter of 2016 and the first quarter of this year.
Agriculture was the main contributor the economy’s return to growth, growing by 33%.
Ray White (in for The Money Show’s Bruce Whitfield) interviewed Consilium Group economist Gideon Pimstone.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Year-on-year growth rose to 1.1%.— Gideon Pimstone, Consilium Group
These numbers do take into account seasonal variations.— Gideon Pimstone, Consilium Group
The consumer makes up about 60% of total GDP.— Gideon Pimstone, Consilium Group
We expect another rate cut before the end of the year.— Gideon Pimstone, Consilium Group
Agriculture recovered speedily from the drought.— Gideon Pimstone, Consilium Group
Maize production was extremely good.— Gideon Pimstone, Consilium Group
There are so many uncertainties hanging over this economy.— Gideon Pimstone, Consilium Group
Consumer and business sentiment is still pretty low.— Gideon Pimstone, Consilium Group
Manufacturing is still contracting year-on-year.— Gideon Pimstone, Consilium Group
There isn’t much scope for very direct fiscal stimulus… We need serious structural reform…— Gideon Pimstone, Consilium Group
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