July 27, 2018 / 8:48 AM / 2 months ago

South Africa's central bank does not see Q2 economic contraction

PRETORIA, July 27 (Reuters) - 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 percent contraction in the first quarter of this year.

Africa’s most industrialised economy grew by 3.1 percent 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.

Reporting by Olivia Kumwenda-Mtambo Writing Tanisha Heiberg Editing by James Macharia

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