Business

South Africa’s economy recovers from recession in second quarter

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South Africa’s economy emerged from a technical recession in the second quarter as it expanded 2.5 per cent after contracting by a revised 0.6 per cent in the first quarter, Statistics South Africa said on Tuesday.

Africa’s most industrialised economy entered recession in March after two consecutive quarters of contraction, but growth in agriculture in the three-months to end June supported a recovery.

Gross domestic product rose 1.1 per cent on an unadjusted year-on-year basis in the second quarter, compared with 1.0 per cent expansion in the previous three months, the agency said.

Economists polled by Media had expected a quarter-on-quarter GDP expansion of 2.1 per cent and a year-on-year expansion of 0.4 per cent. (Reuters/NAN)

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