SA comes out of recession

Osita Okechukwu

"Technically the economy is out of a recession but note that the growth of two quarter Gross Domestic Products (GDP) of 0.5 per cent is very marginal".

"The non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017".

Oil production during the quarter was higher by 0.03 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.81mbpd.

"The fact is that radical economic transformation is killing the economy and that is why we need a fundamental shift in economic policy to boost economic growth and create jobs in South Africa", he said.

"The fact that the NBS can boldly say, when the Statistician-General is up for renewal, that the economy is in recession and inflation has gone up to 17 per cent, speaks a lot about the integrity of the bureau".

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The faster pace in growth was driven by robust oil revenues due to stable oil production, reduced sabotage on pipelines, which led to improved supply of gas and increased dollar sales.

An economy is said to be in recession after contracting for two consecutive quarters.

Nigeria, which depends on oil for 70 percent of state revenues and 90 percent of export earnings, has been battered by lower crude prices since mid-2014.

Mining and quarrying increased by 3.9%, contributing 0.3 percentage points.

Efforts to bolster confidence as packaged in the 14-point Action Plan, together with continuing work through the economic cluster, should combine to set the country on a higher growth trajectory, the Treasury said. For Nigeria to be out of recession means the Administration has taken some right steps that have culminated in the good news that we are celebrating now.

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The economy shrank by 1.5 percent in 2016, its first annual contraction in a quarter century, crippled by lower oil revenues following years of subdued prices and a shortage of hard currency.

Household final consumption expenditure was at 4.7% quarter-on-quarter contributing 2.8% to total growth.

He said that coming out of recession was not about quality but the quantum of growth.

Second-quarter data shows year-on-year GDP growth was 1.1%, and for the six months growth has been 1.1%.

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