Durban - President Jacob Zuma has expressed confidence in the rebound of the economy despite warnings from experts of a possible recession.
Zuma told Parliament on Thursday that the growth figures released this week by Statistics South Africa showed that the South African economy was resilient despite poor performances in some sectors.
Stats SA said the economy grew by 0.7% in the third quarter after it contracted by 1.3% in the previous quarter.
Zuma, who was addressing the National Council of Provinces, said the significant growth in the economy would be realised after hurdles had been cleared.
He expressed happiness that despite the serious challenges and a slowdown in output, the country avoided a recession.
“The release of the GDP (gross domestic product) figures showed the challenges faced by slowing global demand on the mining sector as well as the effects of drought on agricultural output,” Zuma told MPs. “The manufacturing sector grew robustly, and together with growth in other sectors, helped to ensure GDP quarterly growth of 0.7%.”
The economy had contracted by 1.3% in the second quarter of this year.
He said the last quarter would be awaited with bated breath. These results would be a key indicator on the direction the country would take.
Zuma also told MPs of the government’s desire to send top politicians to run municipalities to strengthen local government and improve service.
THE MERCURY