South African economy grows 0.8% in 2018

05 Mar 2019

flagOn Tuesday morning, Stats SA revealed that South Africa’s economy expanded by 1.4% in the fourth quarter of 2018. This result surpassed most analysts’ expectations, who had previously forecast growth of 1.2%.

The growth indicates that annual real GDP increased by 0.8% in 2018, which was 0.1% more than what most economists had projected.

These results are an improvement following the country’s technical recession experienced in the first half of 2018, which came after two straight quarters of negative economic growth. The economy had declined by 2.6% in the first quarter and by an additional 0.4% in the second.

As South Africa came out of recession, growth bounced back to 2.2%, which has now been restated as 2.6%.

The rand was boosted by the news, trading at R14.12/$ at 11:46 on Tuesday, up 0.7% on the day – Fin24 reports.