News | Finance: The South African economy is out of recession, growing by 2.2% in Q3 2018

Finance: The South African economy is out of recession, growing by 2.2% in Q3 2018

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South Africa has exited its economic recession boosted by recoveries in manufacturing, transport and finance sectors.

Statistics South Africa (StatsSA) in a statement on Tuesday in Pretoria, said the country's gross domestic product rose annually by 2.2% in the three months through September compared with a revised 0.4% contraction in the prior quarter.

According to the Q3 economic report, the manufacturing industry up by 7.5%, finance, real estate and business services also increased by 2.3% in the last quarter.

Transport, storage and communication industry increased by 5.7%, as a result of increases in land transport, air transport and transport supports and communications.

In contrast, mining decreased by 8.8% and contributed less 0.7% points to GDP growth. Others include construction, electricity down by 2.7% and -0.1% point respectively.

The economy shrank 0.7% in the second quarter of the year, after a 2.6 % contraction in the prior quarter.

World Bank predicts slow growth for Sub-Saharan Africa

In its 18th edition of Africa’s Pulse report released in October, World Bank cut economic forecast of Africa to 2.7% from 3.1% mainly due to sluggish expansion Nigeria, Angola, and South Africa.

The report stated that economic recovery in the region is set to continue but at a more gradual pace. Growth in the region is projected to increase from 2.7% in 2018 to 3.3% in 2019, rising to an average of 3.6% in 2020–21.

Nigeria’s economy recorded slow growth in the second quarter of 2018 to 1.5%, a downturn from 1.95% growth recorded in the first quarter and 2.11% year-on-year in the fourth quarter of 2017.

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