South Africa Avoid Recession

South Africa has avoided falling into recession after second-quarter GDP figures showed the economy grew by 0.6% during the April-to-June period.

The economy had contracted by 0.6% in the first quarter. A platinum strike in the country was blamed for the poor performance in the first three months.

South Africa was last in recession in 2008 amid the global financial crisis.

By 2011 it had made a substantial recovery, but there have been worries recently that it would slip back.

Africa’s most advanced economy, and the continent’s second largest, grew by 1% compared with the same period a year earlier, against annual growth of 1.6% in the previous quarter.

South Africa’s agriculture sector grew by 4.9% in the second quarter, while its financial sector expanded by 1.5%.

Meanwhile, the under-pressure mining sector contracted by 9.4% from the previous quarter while the manufacturing sector shrank by 2.1%.

via BBC

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