South Africa's Q2 Growth Beats Expectations, Dodges Recession
South Africa’s Gross Domestic Product(GDP) has grown more than expected in the second quarter. This has been attributed to a recovery in the mining and manufacturing sectors according to official data on Tuesday. This has given a reprieve to President Cyril Ramaphosa as the economy looks set to dodge recession this year. The Rand Source: thesouthafrican.com After a downturn in the first half of 2018 when farming plunged, the economy has struggled to regain momentum, posting a shock contraction in the first quarter of this year. Analysts said while the second-quarter GDP print could see South Africa avoid recession in 2019, it was not enough to stop credit rating downgrades linked to debt issues including bailouts for state power utility Eskom. The rand extended gains after the data, firming more than 0.5 percent to a session high of 15.1125. GDP growth in the three months to June was 3.1 percent.’ This comes after a r...