SA out of recession
Updated | By Laila Majiet
South Africa is officially out of a technical recession.
Statistics South Africa announced that the economy grew by 2.5% in the second quarter of 2017.
The latest figures show a year-on-year growth of 1.1%.
Here's an overview of the latest #GDP stats. Stats SA says the economy grew by 2.5% in the second quarter of this year.#recession pic.twitter.com/AGIUza8hi5
— Jacaranda News (@JacaNews) September 5, 2017
Stats SA statistician general Pali Lehohla says the biggest contributor to the GDP growth was agriculture, forestry and the fishing industry.
The economy previously experienced successive negative growth resulting in the country slipping into a technical recession.
WATCH: Statistician Gen Pali Lehohla speaks on expenditure on Gross Domestic Product #GDP #StatsSA pic.twitter.com/NPwwOeuBOi
— SA Gov News (@SAgovnews) September 5, 2017
Chief economist at Econometrix, Dr Azar Jammine, warns consumers not to pop the champagne just yet.
"Times are going to remain tough. If one looks at it over a longer period of a time, we are talking about the economy growing by around 1% in the first half of the year - which is clearly insufficient when the growth in the population is 1.7%," he explains.
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