{"id":196634,"date":"2017-09-05T11:35:58","date_gmt":"2017-09-05T09:35:58","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=196634"},"modified":"2017-09-05T11:46:17","modified_gmt":"2017-09-05T09:46:17","slug":"south-african-economy-climbs-out-of-recession","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/196634\/south-african-economy-climbs-out-of-recession\/","title":{"rendered":"South African economy climbs out of recession"},"content":{"rendered":"

South Africa’s economy has rebounded from a technical recession, the latest GDP data from Stats SA shows.<\/p>\n

The stats body on Tuesday reported that South Africa’s economy grew by 2.5% in the second quarter of 2017, following two successive quarters of decline in Q4 2016 and Q1 2017.<\/p>\n

The largest positive contributor to growth in GDP in the second quarter was the agriculture, forestry and fishing industry, which increased by 33.6% and contributed 0.7 of a percentage point to GDP growth.<\/p>\n

Finance, real estate and business services increased by 2.5% and contributed 0.5 of a percentage point. The mining and quarrying industry increased by 3.9%, and contributed 0.3 of a percentage point to GDP growth.<\/p>\n

In contrast general government services decreased by 0.6%, contributing -0.1 of a percentage point to GDP growth.<\/p>\n

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This has put an end to the second recession the country has seen in less than a decade; however, economists have warned that despite the positive movement, growth will remain slow and volatile.<\/p>\n

South Africa\u2019s economic woes have been exacerbated by president Jacob Zuma\u2019s dismissal of Pravin Gordhan as finance minister in March, which led to Fitch Ratings and S&P Global Ratings cutting the nation\u2019s foreign-currency debt to junk in April.<\/p>\n

The Reserve Bank halved its GDP growth forecast for the year to 0.5% in July, with most economists pegging GDP growth for 2017 somewhere between 0.2% and 1.0% at best.<\/p>\n

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Read:\u00a0SA economy likely out of recession<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Stats SA has released the latest GDP data for the country, showing that the economy has grown 2.5% in the second quarter of 2017.<\/p>\n","protected":false},"author":10,"featured_media":118672,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[],"class_list":["post-196634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/196634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=196634"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/196634\/revisions"}],"predecessor-version":[{"id":196672,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/196634\/revisions\/196672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/118672"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=196634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=196634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=196634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}