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Stats SA: Economy Grew By 3.1% In 2nd Quarter

SA economy - Stats SA: Economy Grew By 3.1% In 2nd Quarter

South Africa has avoided a recession as the economy grew by 3.1% in the second quarter of 2019, data released by Statistics SA showed.

This was a stark contrast to the alarming 3.2% decline recorded in the first quarter of 2019.

Mining, finance, trade and government services were the main drivers of the growth.

Chief director for national accounts at Statistics SA Michael Manamela explains: “We saw the mining sector being one of the biggest contributors – it grew by 14.4%. The second biggest contributor was the financial services which was up 4.1%.”

Had the growth contracted for a second consecutive quarter, the South African economy would have entered a recession.

EWN

The post Stats SA: Economy Grew By 3.1% In 2nd Quarter appeared first on iAfrica.com.

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