Business Maverick: South Africa’s Q2 growth beats expectations as mining recovers

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 84%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Business Maverick: South Africa’s Q2 growth beats expectations as mining recovers By Reutersreuters

* Eskom debt weighs on ratings prospects After a downturn in the first half of 2018 when farming plunged, the economy has struggled to regain momentum, posting a shock contraction in the first quarter of this year.

The second-quarter growth was the highest since the fourth quarter of 2017. Year-on year GDP growth was 0.9% compared with zero previously.The data showed mining output grew by 14.4% in the second quarter, after declining by 10.8% previously. Manufacturing output rose 2.1%, rebounding after declining 8.8% in the first quarter.

Fixing Eskom, which supplies more than 90% of the power in South Africa, is one of the biggest challenges Ramaphosa faces. The government said it would give Eskom 59 billion rand of additional financial support over the next two years, on top of an already-promised bailout of 230 billion rand spread over the next decade.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naamsa disputes Elon Musk's view about 'high' South African vehicle tariffs | IOL Business ReportSpeculation ran rife last year that the trendy car manufacturer would expand in Africa by the end of 2019.
Source: IOL - 🏆 46. / 51 Read more »

South Africans to pay more at the pumps - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The price of petrol will increase by eleven cents to 16-rand per litre and diesel will go up by 26 cents to 15-rand per litre on Wednesday.
Source: SABC News Online - 🏆 32. / 51 Read more »

‘South Africa needs to take firm stand on corruption for NHI to succeed’ - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.‘South Africa needs to take firm stand on corruption for NHI to succeed’ via SABCNewsOnline
Source: SABC News Online - 🏆 32. / 51 Read more »