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28/08/2014

South Africa narrowly avoids recession with modest growth.

The South African economy narrowly dodged recession by growing 0.6% in the second quarter over a year ago, the country's statistics authority said Tuesday.
The latest quarterly assessment of South Africa, the continent's most advanced economy, offered little good news even as growth elsewhere in Africa is accelerating.
The pain in the country's key mining sector, after a five-month strike in the platinum zone earlier this year, has rippled through the economy. The industry's contribution to the economy declined by 9.4% in the second quarter, having shrunk by 24.7% in the first quarter.

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