mo4ch:>Back on track: South Africa pulls out of recession as economy surges | Mo4ch News
South Africa emerged from its first post-crisis recession, with the economy growing by 2.2 percent in the three months through September compared with a revised 0.4 percent contraction in the prior quarter.The economic growth was largely driven by the manufacturing, transport and finance industries, South Africa’s statistics office said on Tuesday.Economic output rose 0.5 percent on an unadjusted year-on-year basis in the third quarter, in line with analysts’ predictions. Output has not grown for more than three consecutive quarters since between 2014 and 2015, and has not surpassed annual growth of two percent since 2013.“In the end, smart governments are governments that respond and give guidance to what needs to happen,” said South African President Cyril Ramaphosa as cited by the country’s governing party, the African National Congress.The economy had shrunk 0.7 percent in the second quarter, unexpectedly tipping the country into its first recession since 2009.READ MORE: China to …