BREAKING NEWS: SA is out of recession-here’s how
After two consecutive quarters of decline, the South African economy spluttered back to life in the second quarter of 2017.
In a statement released by Statistics South Africa yesterday, it stated Agriculture continued to show strong recovery from South Africa’s recent drought, increasing production by 33,6%.
The finance industry was the second largest contributor to GDP growth in the second quarter of 2017, growing by 2,5% on the back of higher activity in financial intermediation and auxiliary activities.
The mining industry expanded by 3,9% on the back of increased production of coal, gold and ‘other’ metal ores such as iron ore and manganese ore. This is the second consecutive quarter of growth for mining, although production was more subdued than the 13,1% growth recorded for the first quarter of 2017.
The economy grew by 2,5% in the second quarter
This is how South African industries performed in the second quarter of 2017:
