Recession Averted But Underlying Weakness Prevails

SOUTH AFRICA - Report 27 Aug 2014 by Iraj Abedian
Following a 0.6% quarter-on-quarter seasonally adjusted and annualized (q/q saa) contraction in the first quarter of 2014, the South African economy expanded by the same magnitude in Q2 2014 (see Graph 1). Graph 1 Inflation-adjusted GDP growth rate, South Africa, 2008 Q1 – 2014 Q2 Note: Seasonally adjusted and annualized rates, constant 2005 prices. The shaded area represents the recession period. Source: Statistics South Africa. As was the case in Q1 2014, the performance of the mining and manufacturing sectors dragged the Q2 2014 outcome (see Table 1). Estimates from Statistics South Afri...

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