South Africa has avoided a recession as the economy grew by 3.1% in the second quarter of 2019.
Data released by Statistics SA shows mining, finance, trade and government services were the main drivers of the growth.
Citi Bank economist Gina Schoeman details exactly what has been avoided but says the latest growth is not good enough.
What we avoided was a further dent to confidence because the economy has already gone further down this year so in some ways we avoided that but this is certainly just a relief not a victory.— Gina Schoeman, Economist - Citi Bank
We don't have sufficient growth for the population growth of this country...if you look around what is going on in the social society of South Africa, we are not hard pressed to understand why so it's just plain not good enough.— Gina Schoeman, Economist - Citi Bank
We have got to deregulate this economy in many types of ways. You have got to invite the private sector in, I am not saying privatise everything but you have got to get a better relationship between government and the private sector. Small things like that will remove so much of the uncertainty..— Gina Schoeman, Economist - Citi Bank
Click on the link below to hear the full conversation....
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
The economy remains broken. We can’t be seduced by this handsome number, warns Goolam Ballim, Chief Economist at Standard Bank.
Applied Development Research Solutions' Dr Asghar Adelzadeh discusses Tito Mboweni's controversial economic strategy blueprint
The Economist.co.za Magazine owner Mike Schussler gives his take on what to expect on the GDP announcement.
Group CEO Anthony Leeming says there has been decent growth considering the subdued economic climate.
BEE verification manager Sharon Rossouw says empowerment is more than just a moral obligation for big businesses.
Flexclub pays you to rent out a car you don’t use to Uber drivers struggling to obtain finance, says cofounder Tinashe Ruzane.
Khabazela shares tweets and Facebook posts that have gone viral.
Rise Up Against Gender-Based Violence fundraising director Mandisa Khanyile says the will hand over a memorandum to the JSE.