South Africa’s economy experienced a tremendous turn around, hitting a 3.3 percent growth and President Jacob Zuma says congratulations to everyone/sector that worked hard to make it happen.
Zuma who seems more excited at the growth of the state’s economy despite countless accusations that he is behind the failed economy, congratulated the South African government, business and labour ministry on the growth of the economy in the second quarter of the year.
The Presidency said on Tuesday, that the GDP figures indicating growth in the second quarter proves the cooperation between government and its social partners has yielded results.
The growth was more than the 2.7 percent quarter that was predicted by economists – the fastest quarter-on-quarter rise in economic activity since the fourth quarter of 2014.
Statistics SA said that the unexpected growth was driven by an 8.1 percent increase in manufacturing and 11.8 percent in mining and quarrying. While exports increased by 18 percent and imports were down by five percent.
The rise was attributed to increased production in platinum group metals (PGMs)
The increase in the production of motor vehicles also helped manufacturing expand by 8.1%. This is the highest expansion recorded since the fourth quarter of 2013.
Speaking on these growths, President Zuma congratulated SA, adding that the figures indicate a resilient economy which has the potential to grow even more despite the challenging domestic and global headwinds that it faces.
“This is very good news and gives hope to our people,” Zuma said.
“We congratulate the social partners on this achievement. The cooperation between government, business, labour and the community sector has yielded results and can only take the country further towards inclusive growth and much-needed jobs.”
The presidency further added that a durable solution to the country’s economic challenges lies in consolidating the social compact between government, business and civil society.
“This is a process we are focusing our respective efforts on as we move forward.”
Zuma added that government would continue to implement the National Development Plan, through the Nine Point Plan that was developed as a short-term implementation plan to reignite growth.