South Africa moved out of a technical recession after Statistics South Africa said the economy grew by 2.2% in the Third Quarter of 2018.
Statistics South Africa said manufacturing was the main driver of positive growth in the third quarter, with the industry growing by 7.52%, the largest jump in manufacturing production since the second quarter of 2016.
“The rise in economic activity in the third quarter follows two consecutive quarters of negative growth, which is a widely recognised indicator of recession,” said Statistician General, Risenga Maluleke.
He said that the agriculture industry bounced back from two consecutive quarters of negative growth to record a 6.5% rise in the third quarter.
However, Maluleke said the mining industry was the biggest detractor from economic growth, declining by 8.8% with lower production levels recorded for platinum group metals, iron ore, gold, copper, and nickel.
