Reserve Bank does not see Q2 Economic Contraction

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PRETORIA – South Africa’s central bank Governor Lesetja Kganyago said on Friday he does not expect economic growth to contract in the second quarter, after a 2.2% contraction in the first quarter of this year.

Africa’s most industrialized economy grew by 3.1% in the final quarter of 2017, but contracted in the first quarter of this year.

“At this stage, the high-frequency data for the second quarter indicate that a modest improvement is likely in the quarter, and the South African Reserve Bank does not expect a second consecutive quarter of contraction,” Kganyago said at the bank’s annual general meeting

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