The South African National Institute of Statistics (StatsSA) announced Tuesday (December 4th) that the country has officially emerged from the recession, after growing 2.2% in the third quarter of the current year.
From 2.6% in the first quarter to 0.7% as of June 30, 2018, the GDP owes its new rise to the improvement of industry, agriculture and the transport sector, according to the Institute of the statistical.
A few months before the legislative elections, this increase is a boon for President Cyril Ramaphosa, successor to Jacob Zuma. In particular, he promised to revive the economy of the most industrialized country on the African continent while fighting corruption and boosting foreign investment.
Its recovery plan is based on five key axes that are the priority to agriculture, the establishment of a 400 billion rand infrastructure fund, the revision of the mining code, the reduction of the cost of doing business and the relaxation of the visa procedure.