Where am I? Fin24.com > Economy

Economic growth 'has returned'

Nov 20 2009 17:35

Johannesburg - South Africa's economy is expected to have turned the corner during the third quarter, with growth in gross domestic product expected to be 0.7% quarter-on-quarter (seasonally adjusted annualised), according to a poll of leading economists.

This will follow from the -3.0% and -6.4% in the first and second quarters. Statistics SA is due to release GDP growth figures on Tuesday.

The third-quarter GDP of 2008 was the fortieth consecutive quarter of positive growth since 1998, but this came tumbling down in the fourth quarter as the first decline in a decade was registered.

The range of forecasts for the current survey was from -0.6% q/q to +2.0%, with a feature being that seven of the eight economists surveyed saw a move out of negative territory. Two of them, though, penned in growth of 0.0%.

Personal services, general government, public sector projects, electricity consumption and manufacturing production are expected to provide some strength, but construction activity is in for a mild slowdown. Finance and trade are expected to be the largest detractors from growth.

- I-Net Bridge

Share this page

Add your comment

(No bad language or hate speech, please)

Comments Order

OuJan
Nov 21 2009 12:10 Report this comment

Keep the following - as was reported by Fin24 on Nov15 2009 - in mind when reading this article: "Cannabis farming now forms an official part of the agricultural sector, even if illegal. It will be included in future calculations of the gross domestic product (GDP)." "The outcome will be that South Africa's economy will be considerably larger than currently reflected in statistics."

somedude
Nov 21 2009 10:57 Report this comment

Hey why are everyone so negative? It might just be that the bottom of the slump has been reached. Does anyone know of a job gor me? I am a senior .NET software developer looking for a new opportunty.

Sceptical
Nov 21 2009 10:40 Report this comment

@Charles. add Eskom on top of that it will be a dark festive season. but i do believe our growth will not be negative. for you and me looking for jobs it will take another year before we get a job, now we get shack, and go beg by the robots

CHARLES
Nov 21 2009 08:35 Report this comment

Have these persons been smoking their socks? Because noway there has been economice growth in the third quarter. there will not be for the foreseeable future. Why have we lost almost one milloin jobs and more to come. You hear of retrenchments daily. No there is stil a recession and it is going to be a bleak fastive season.

Christopher
Nov 20 2009 21:24 Report this comment

"0.0% growth" Surely this is NOTHING(pardon the pun) to be getting happy about.We are far from getting out of the mire of this reccession. I agree with Mzungu..

Punk
Nov 20 2009 20:09 Report this comment

"...according to a poll of leading economists. "?? It is like psychic !!?? Watch the figure on Tuesday. You will not see it "has turned".

Eddie
Nov 20 2009 20:03 Report this comment

Anyone in business knows, the 3rd Quarter is definitely worse than the 1st and 2nd. Now I can tell you the 4th quarter will be a disaster. I found those "Economist" are those who sit in the office and knows nothing about the real world. The "Cash" talks.

The Grass IS Greener
Nov 20 2009 18:44 Report this comment

Is this article for real? What a shocker - no use believing anything that comes from officialdom in SA any longer. Which other countries use this ridiculous system? Clearly a pathetically desparate move to look good in the eyes of the world. And then they get so infuriated when someone tries to leave their dinkytowm village and cries refugee status. Now we really believe the crime rate is coming down.Ha Ha Ha...


Your name
Email
Comment	(500 characters remaining)
	Please enter the text below(Case sensitive)


If you can see the following field, please ignore it, as it is used to verify that you are human.

	Disclaimer Fin24.com encourages freedom of speech and the expression of diverse views. The views of users published on Fin24.com are therefore their own and do not represent the views of Fin24.com. All posts are monitored by Fin24.com's editors and grossly derogatory posts will be deleted. The Fin24.com editorial team will delete your comment should you post abusive comments, use vulgar language or make discriminatory observations.