South Africa's economy grows by 0.8% in 2018

The rand strengthened slightly on the news. (Reuters)

The rand strengthened slightly on the news. (Reuters)

South Africa’s economy grew by 1.4% in the fourth quarter of 2018, Statistics South Africa (Stats SA) announced on Tuesday morning.

The figure of 1.4% was slightly above the consensus estimates of most analysts and economists of 1.2% growth.

This means that annual real gross domestic product increased by a tepid 0.8% in 2018. This was 0.1% more than the projections of most economists.

South Africa’s economy fell into a technical recession in the first half of 2018, after experiencing two consecutive quarters of negative economic growth.
The economy declined by 2.6% in the first quarter and by a further restated 0.4% in the second.

Growth rebounded in the third quarter to 2.2% as the country exited the recession. This has now been restated as 2.6%.

The rand strengthened slightly on the news. It was trading at R14.12/$ at 11:47 on Tuesday, up 0.7% on the day. — Fin24 

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