JOHANNESBURG (AP) - A government data agency says South Africa narrowly avoided recession after the economy grew by less than 1 percent.
JOHANNESBURG (AP) — A government data agency says South Africa narrowly avoided recession after the economy grew by less than 1 percent.
On Tuesday, Statistics South Africa released a statement saying South Africa's economy grew by 0.7 percent, improving from a 1.3 percent contraction in the previous quarter. The government agency said South Africa would have been in recession had the economy shrunk for a second consecutive quarter.
Statistics South Africa attributed the recovery to growth in seven out of ten of South Africa's main industries, such as manufacturing and the financial sector.
The agency, though, said some of the country's key industries are in recession. Agriculture, affected by drought, shrank by 12.6 percent. Mining activity fell by 9.8 percent while the electricity, gas and water supply sector decreased by 8 percent.