South Africa has avoided a recession as the economy grew by 3.1% in the second quarter of 2019, data released by Statistics SA showed.
Mining had the biggest increase in production of 14.1% in the second quarter, contributing 1.0% increase to GDP. Increased economic activity was reported for financial intermediation, real estate activities and business services. The industry contracted by 4.2%, contributing minus one percentage point to GDP.
"If you look at the sectors of the economy, as in services, finance, trade and transport, it is not easy to measure the behaviour of political developments".
On an unadjusted basis, GDP grew 0.9 percent year-on-year in the second quarter after stagnating in the previous three months. The main positive contributors to growth in HFCE were expenditures on food and non-alcoholic beverages (4,2% and contributing 0,8 of a percentage point), the "other" category3 (4,0% and contributing 0,5 of a percentage point) and recreation and culture (7,4% and contributing 0,4 of a percentage point).
Elsewhere in Africa, Nigeria's economy grew 1.94 percent year-on-year in the second quarter after a 2.1 percent expansion in the first quarter. Please try again later.
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Final consumption expenditure by general government increased by 2,8%.
"Services should benefit from moderate growth in consumer spending, propped up by subdued inflation and slightly lower interest rates, but also kept in check by high unemployment, weak income growth and fragile confidence levels". Extra-budgetary accounts institutions reported large increases in employment numbers to support national and provincial election activities. It includes government spending, household spending, investment spending (gross fixed capital formation and changes in inventories), and net exports.
There was a R26 billion build-up of inventories in the second quarter of 2019.
South African exports of goods and services edged lower (-0,7%), largely influenced by a fall in the trade of pearls, precious and semi-precious stones.
"There was a collective sigh of relief across the South African economy after economic growth surprised by expanding during the second quarter of 2019", said Lukman Otunuga, senior research analyst at FXTM.