South Africa ex­its re­ces­sion as govt eyes 2019 polls

Times of Oman - - WORLD -

JO­HAN­NES­BURG: South Africa broke free of re­ces­sion on Tues­day when it re­ported GDP growth of 2.2 per cent for the third quar­ter, the sta­tis­tics au­thor­ity said, mark­ing a pos­i­tive eco­nomic tra­jec­tory ahead of elec­tions.

Pres­i­dent Cyril Ramaphosa, who took power in Fe­bru­ary, has pledged to re­vive the list­less econ­omy ahead of polls due in May by at­tract­ing $100 bil­lion in for­eign in­vest­ment and by fight­ing cor­rup­tion.

The growth, which con­trasted sharply with the sec­ond quar­ter’s 0.4 per cent con­trac­tion, was driven by a surge in the man­u­fac­tur­ing, agri­cul­ture and trans­port sec­tors, Stats SA said in a state­ment.

The an­nounce­ment fol­lows a strong week for the lo­cal rand cur­rency which has ben­e­fited from a de­tente in the United States’ trade war with China.

The Rand cur­rency was the sec­ond strong­est per­form­ing of all de­vel­op­ing coun­tries against the dol­lar since Fri­day, gain­ing 1.81 per cent.

Cyril Ramaphosa

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