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SA economic growth surprises, recession avoided

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South Africa avoided a second recession in two years, with the economy growing by 3.1% in the three months to end-June, according to Stats SA.

 

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In the second quarter, the mining sector rebounded with growth of 14.4% - contributing a full 1.0 percentage point to GDP growth. This was thanks to the end of strikes at gold mines, but also due to a major rally in metal prices. Gold is currently trading at its highest level in six years, while platinum jumped from below $800/oz in June to above $930 currently.
Finance, real estate and business services increased by 4.1% in the second quarter. Trade, catering and accommodation increased 3.9% and general government services increased 3.4%.


Full article on Fin24: https://www.fin24.com/Economy/South-Africa/sa-economic-growth-surprises-recession-avoided-20190903 


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