Nene: SA economy will grow slowly

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Nhanhla_Nene Independent Newspapers Finance Minister, Nhlanhla Nene. Photo: Sam Clark.

Johannesburg - South Africa's economy is unlikely to go into recession, even after a 0.6 percent contraction in the first quarter, as data pointed to a rebound in the mining and manufacturing sectors, Finance Minister Nhlanhla Nene said.

“At this point, signals are that growth in the second quarter to be slow but positive,” Nene said in a written response to a parliamentary questions e-mailed to Reuters on Wednesday.

Nene said many of the brakes on growth, including protracted labour strikes and electricity constraints, were of a supply-side nature and therefore fiscal measures would not be sufficient to boost economic growth. - Reuters

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