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SA expected to exit technical recession

eNCA logo eNCA 2018-11-09
© Brendan Croft

JOHANNESBURG - South Africa was expected to exit the technical recession in the third quarter, but have we done enough?

Mining data from Statistics South Africa on Thursday showed that the sector fell 1.8  percent year on year in September, with gold plunging 19 percent - the biggest drop in almost four years.

But manufacturing grew 1.7 percent, rising by 0.1 percent year-on-year in September.

READ: SA economy in recession

This, together with retail numbers expected next week, seem likely to be enough to pull the country out of the technical recession.

But economists have said there are no compelling signs of significant upward momentum just yet.

Last year, mining and manufacturing contributed 8 and 13 percent, respectively, to the GDP.

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