Mining, Manufacturing, Finance and Real Estate show positive growth

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The Gross Domestic Product (GDP) data that Statistics South Africa has released shows that mining, manufacturing finance and real estate had positive growth in the three months to the end of June 2019. However, agriculture forestry and fishery continued to shrink.

South Africa has avoided a recession as GDP recorded 3.1% during the period. In the first quarter, GDP numbers recorded a negative 3.2%.

Economists had expected GDP numbers to improve slightly in the second quarter.

Stats SA data showed that some industries had fared slightly better than then they did in the first quarter of 2019. Economists had predicted slightly better GDP numbers compared to quarter one where the country had experienced its worst load shedding since the 2008 electricity crisis, including a marked slow-down in global economic activity.

The mining and quarrying industry increased by almost 15%, contributing 1.0% points to GDP growth.