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S. Africa's economy resilient: President Zuma

Xinhua, September 7, 2016 Adjust font size:

South Africa's economy is resilient and has the potential to grow even more despite the domestic and global headwinds it faces, President Jacob Zuma said Tuesday.

Zuma made the remarks after Statistics South Africa (Stats SA) released figures showing that South Africa's gross domestic product (GDP) growth rate was 3.3 percent in the second quarter of 2016.

This was higher than the 2.7-percent growth rate that had been expected by most economists.

The growth was driven by 8.1-percent increase in manufacturing and 11.8-percent in mining and quarrying. Exports are also up by 18 percent while imports down by 5 percent.

"This is very good news and gives hope to our people ... The cooperation between government, business, labour and the community sector has yielded results and can only take the country further towards inclusive growth and much-needed jobs," Zuma said in a statement distributed by the Presidency.

A durable solution to the country's economic challenges lies in consolidating the social compact between government, business and civil society, said Zuma. Endit