South Africa avoids recession as economy grows by 3.1%

Good(ish) news about the economy. We'll take it! (pixabay.com, 20190

We can’t be seduced by this handsome number. Structurally, the economy is mired after a decade of destruction… and large pollical disfunction…

Goolam Ballim, Group Chief Economist - Standard Bank

South Africa’s economy grew by 3.1% in the second quarter of 2019, according to Stats SA.

Mining was the main driver of the economy.

It grew by 14.4%.

The financial services sector is up by 4.1%.

Clement Manyathela interviewed Goolam Ballim, Group Chief Economist at Standard Bank.

Listen to the interview in the audio below (and scroll down for more quotes from it).

South Africa needs a minimum of 2.5% growth consistently to see the unemployment rate fall and to stabilise public debt.

Goolam Ballim, Group Chief Economist - Standard Bank

In 2020, it [a rate cut] is more likely [than in the rest of 2019] … It’s not imminent…

Goolam Ballim, Group Chief Economist - Standard Bank

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This article first appeared on CapeTalk : South Africa avoids recession as economy grows by 3.1%


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