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.
— Honourable Franco (@Sir_F_Kgaphola) September 5, 2017
— BiG T 💣 (@TbangSA) September 5, 2017
— yaseen baker (@Baker8Yaseen) September 5, 2017
3. Moments later, when you remember this doesn't mean 2.5 percent growth of your bank balance...
South Africa out of #recession🤔...can Oros price kindly go down to atlst R24.99 thank you— Mondli Mkhize (@mondli_mkeyze) September 5, 2017
4. ...and that we're in desperate need of (dignified, quality) jobs for millions of people.
Why celebrating #recession ,while millions of still continue to lose jobs— #ThatThing (@Sochar06) September 5, 2017
What's the use of 2.5% GDP if the unemployment rate is still on steriods— Tlhogiie_Mabusela (@Tlhogiie_) September 5, 2017
5. Then there's 'WMC CONSPIRACY!'/'ALL HAIL ZUMA!' Twitter.
2 month #recession ? Were we ever really in one or was it just some ploy to make the ANC look good for getting us out of it— Man Like Uncle LU (@LutandoNkwaba) September 5, 2017
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.Suggest a correction