There is still hope for SA economy

0
1582

Well-known economist, Mike Schussler, says growth in the mining and agricultural sector has been rapid in the past months and can be expected to help the South African economy in the second quarter of this year.

This comes after the country officially entered a recession after recording two consecutive quarters of negative growth. Statistics South Africa revealed that the South African economy moved into a recession after the first quarter of this year’s Gross Domestic Product (GDP) was down by 0,7 percent following a 0,3 contraction in the last quarter of 2016.

Schussler, says despite being in a terrible economic situation with a massive decline in the retail, wholesale and tourism sector, the mining and agricultural sector have shown a significant growth and may help the country’s economy in the second part of this year.

“The average per capita income in South Africa has been declining for a few years now, and most of us we feel like we have been in a recession for a long time, but mining and agriculture are primary sectors and them growing very rapidly, should help South Africa’s growth in the second part of this year. But, yes it is not easy times and South African consumers are very concerned at the present.”

Katleho Morapela- Courant News