adminPRETORIA – South Africa’s economy avoided slipping into a recession in the second quarter, as solid growth in the agriculture and financial industries outweighed a hammering in the strike-hit mining sector, data showed yesterday. Africa’s most developed economy is struggling to right itself after waves of labour unrest this year hit corporate confidence, while rising food and fuel prices have squeezed consumers.
The economy grew 0.6 percent in the second quarter after contracting by the same amount in the first three months of this year, Statistics South Africa said yesterday. A Reuters poll of 26 analysts had forecast growth of 0.9 percent.
On an unadjusted year-on-year basis, the economy grew by 1 percent in the second quarter, compared with growth of 1.6 percent in the previous three months.
Analysts had expected year-on-year growth of 1.2 percent. – Reuters.
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