Business 5.9.2017 11:55 am

SA’s economy breaks out of recession with 2.5% GDP growth

Cash. File photo

Cash. File photo

The latest GDP figures represent a year-on-year growth of 1.1%.

South Africa’s economy is officially out of a technical recession with a GDP growth of 2.5% in the second quarter of this year, statistician-general Pali Lehohla announced on Tuesday.

In June, Stats SA showed the economy was in recession after growth contracted 0.7% in the first quarter of 2017 following a contraction in the fourth quarter of 2016. In the same month, unemployment also spiked to a 13-year high of 27.7%.

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