South Africa's economy registers 0.8 percent growth last year

JOHANNESBURG, March 5 (Xinhua) -- Statistics South Africa (Stats SA) on Tuesday released the latest gross domestic product (GDP) figures which showed that the GDP grew by 1.4 percent in the fourth quarter of 2018, contributing to the annual growth of 0.8 percent.

While the economy entered recession after shrinking during the first and second quarters, it bounced back in the third growing by 2.6 percent.

Stats SA said that finance, transport and government were key in the positive growth.

Jannie Rossouw, head of Wits Business and Economic Sciences school, told Xinhua that the economy is likely to register a decent growth in 2019.

"Last year's growth rate is very poor, we're in a predicament due to low confidence for purpose of investment. My impression is that the economic grow will be much higher this year than 2018."

He said the implementation of better policies will revitalize the economy and woo investors.

The World Bank projects South Africa's growth to be at 1.3 percent in 2019. Enditem