South Africa is out of recession after the country’s gross domestic product (GDP) grew by 2.2% in the third quarter of the year. The new numbers were released by Statistics SA on Tuesday morning.
The growth comes after two dull, depressing quarters for the South African economy which plunged it into a technical recession.
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The South African #economy is out of #recession, growing by 2,2% in Q3:2018 compared with Q2:2018 #StatsSA
Access all available #GDP documents here until website has been restored: https://t.co/lr2ofjt7rN pic.twitter.com/pldYYaD1lQ
— Stats SA (@StatsSA) 4 December 2018
Sectors responsible for growth in Q3 included manufacturing (7.5% growth quarter-over-quarter), agriculture (6.5%), and transport (5.7%).
“Positive growth was largely driven by basic iron and steel, metal products and machinery, petroleum and chemicals, wood and paper, and motor vehicles,” Stats SA notes. An uptick in freight transport, “stronger wholesale and retail trade sales” and “increasing employment numbers in civil service” were also responsible for an improvement in tertiary sector expansion.
#Economic growth in Q3:2018 driven by #manufacturing, #transport and #finance industries Q3:2018 #GDP =+2,2% q/q https://t.co/uKaM5P1m74 pic.twitter.com/imqHFqYUb5
— Stats SA (@StatsSA) 4 December 2018
It’s not all good news though. Some sectors, including the mining (-8.8%), construction (-2.7%), and electricity (-0.9%) sectors contracted this quarter.
But some South Africans believed that other “industries” were responsible for the healthier economy.
“Bringing Beyoncé was the best decision ever bona nou we no longer in recession,” joked on user on Twitter.
Bringing Beyoncé was the best decision ever bona nou we no longer in recession. Thank you president Motsepe
#recession — Lee
(@LeratoMotseoka2) 4 December 2018
Some online felt the news gave South Africa some semblance of hope.
South African president @CyrilRamaphosa pulls South Africa out of a #recession From this point on it can only get better and better under his presidency
— Goolam (@goolammv) 4 December 2018
While for many, the news didn’t immediately impact their daily struggles.
South Africa is out of technical #recession but things are still the same for unemployed graduates. Already received two rejection emails today. Probably I get 1 of this every week but I wont give up and will always do my best for my daughter and family.
pic.twitter.com/P620cN2JTa — Jay
(@PJDlamini1) 4 December 2018
Feature image: Johannesburg skyline, by Mark Hillary via Flickr (CC BY 2.0)
