ENTERTAINMENT

'But I'm Still Broke' -- Social Media Reacts To News SA Is Out Of Technical Recession

SA emerged from a technical recession and many are elated. For others, it's too soon to take out the party hats.

05/09/2017 15:22 SAST | Updated 05/09/2017 15:43 SAST
Gallo

After six months of slump, South Africa's economy hit the brakes on its downward spiral on the back of strong growth in agriculture and mining.

Between April and June -- the second quarter of the year -- the country's GDP rebounded to 2.5 percent, according to figures released by Stats SA on Tuesday. This follows a decline of 0.7 percent in the previous three months and 0.3 percent in the last three months of 2016. When compared to the first half of 2016, the first six months of 2017 produced a growth rate of 1.1 percent.

Although the economy has emerged from a technical recession, unemployment figures still remain extremely high. More than 9.3 million people were unable to obtain employment, according to Stats SA's Quarterly Labour Force Survey in June.

While many people are breathing a sigh of relief following the latest GDP figures, others are keeping the party hats at bay (for now).

Here's what some folks on social media have to say about the "good" news:

1. Recession dodged? Celebrations are in order.



2. Meanwhile, others are subtweeting Nomvula Mokonyane and Norma Gigaba for "picking up the rand".


3. Moments later, when you remember this doesn't mean 2.5 percent growth of your bank balance...


4. ...and that we're in desperate need of (dignified, quality) jobs for millions of people.


5. Then there's 'WMC CONSPIRACY!'/'ALL HAIL ZUMA!' Twitter.


All we can confidently say is that 2.5 percent is better than zero or, worse, further contraction. Nevertheless, we won't break out the crackers and party hats either, just yet.