The South African economy has officially exited recession after reporting growth in it’s Gross Domestic Product figure for the third quarter.
The Statistics South Africa released the latest economic figure on Tuesday at a news briefing in Pretoria.
In September the country entered into recession after its second quarter GDP figure slowed. The country’s trade and industrial activities reduced in two successive quarters at the time.
That was the first time South Africa entered recession since 2009. But on Tuesday officials said the economy expanded 2.2 percent in the third quarter.
The growth for the second quarter of the year was also revised from -0.7% to -0.4% after figures for the mining and manufacturing industries were revised upward.
The main drivers of growth for the third quarter were industry and manufacturing.
The President of South Africa, Cyril Ramaphosa had promised that his country will soon recover from the earlier reported recession.
He said at the time that “all these things that are happening now are transitional issues that are going to pass.”
The latest exit from recession could be seen as a major boost to Ramaphosa’s economic policies.
Source: Africafeeds.com
