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South Africa’s economy showed signs of growth in the second quarter, likely avoiding a recession. Stronger performance in manufacturing, retail, and wholesale trade, along with improved electricity supply, contributed to this positive outlook. Analysts anticipate a 0.5% GDP increase, supported by lower inflation rates and better electricity availability. The post-election period has seen a rise in business confidence, with hopes for economic reforms and increased investment. The country’s financial news can be found on the News24 Business front page.
Analysts are optimistic about South Africa’s economic trajectory, with indications that the country is on a path towards growth. Lower inflation rates and increased consumer spending post-election are positive indicators. With a boost in manufacturing and wholesale trade, and mining showing signs of improvement, the economy is expected to expand. The government’s promise of reforms and investments, along with improved business confidence, reinforces the positive sentiment among investors. Despite facing challenges, such as Eskom’s operational issues, the outlook for the South African economy looks promising for the rest of 2024 and into 2025.
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