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South Africa avoids recession as economy grows by 3.1%

3 September 2019 12:45 PM
Tags:
GDP
Mining
Economy
Financial services
Standard Bank
Stats SA
Goolam Ballim
Chief Economist
growth
Clement Manyathela
economist
3.1%
The economy remains broken. We can’t be seduced by this handsome number, warns Goolam Ballim, Chief Economist at Standard Bank.
Good(ish) news about the economy. We'll take it! (pixabay.com, 20190

We can’t be seduced by this handsome number. Structurally, the economy is mired after a decade of destruction… and large pollical disfunction…

Goolam Ballim, Group Chief Economist - Standard Bank

South Africa’s economy grew by 3.1% in the second quarter of 2019, according to Stats SA.

Mining was the main driver of the economy.

It grew by 14.4%.

The financial services sector is up by 4.1%.

Clement Manyathela interviewed Goolam Ballim, Group Chief Economist at Standard Bank.

Listen to the interview in the audio below (and scroll down for more quotes from it).

South Africa needs a minimum of 2.5% growth consistently to see the unemployment rate fall and to stabilise public debt.

Goolam Ballim, Group Chief Economist - Standard Bank

In 2020, it [a rate cut] is more likely [than in the rest of 2019] … It’s not imminent…

Goolam Ballim, Group Chief Economist - Standard Bank

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3 September 2019 12:45 PM
Tags:
GDP
Mining
Economy
Financial services
Standard Bank
Stats SA
Goolam Ballim
Chief Economist
growth
Clement Manyathela
economist
3.1%

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