South Africa was last in recession in 2008 amid the global financial crisis. By 2011 the country’s economy did it recover but many feared it would slip back this year.
South Africa’s agriculture and financial sectors grew 4.9% and 1.5% respectively in the second quarter despite continued threats by government of land reform in the agricultural sector and adjusted and stricter Black Economic Empowerment legislation and restrictions in private business.
GDP figures also show that the mining sector shrank 9.4% quarter-on-quarter in the second three months of the year, and manufacturing 2.1%.
The wholesale and retail trade sales withered by 0.2%, while construction expanded by 5%.
