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South Africa: Cabinet Welcomes Positive Developments in Economy

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South Africa: Cabinet Welcomes Positive Developments in Economy

Cabinet has welcomed the recent positive developments in the country’s interventions aimed at stimulating economic growth, says Minister in the Presidency Mondli Gungubele.

The Minister was addressing media following Cabinet’s meeting this week.

Last week, Statistics South Africa (Stats SA) said unemployment in the country had decreased from 35.3% in the fourth quarter of 2021 to 34.5% in the first quarter of 2022.

Gungubele said this was “encouraging’.

“The expanded unemployment rate has declined for a second quarter in a row. The biggest job gains were in community and social services, manufacturing and trade.”

Furthermore, Stats SA on Tuesday said South Africa’s gross domestic product in the first quarter of 2022 grew by 1.9%, taking the size of the country’s economy to pre-pandemic levels.

Over the quarter, the manufacturing sector was the economy’s key performer, with an increase in the production of petroleum and chemicals, food and beverages, and metals and machinery.

Gungubele said the moderate gains show that the country’s economy remained “robust”, and that interventions such as the Economic Reconstruction and Recovery Plan “are gaining momentum”.

He said Cabinet calls on everyone to support local businesses and industries by buying local products and services.

Gungubele said Cabinet also welcomed the decision by rating agency S&P Global to revise South Africa’s credit rating outlook from stable to positive.

“The rating agency also affirmed the long-term foreign and local currency debt ratings at BB minus and BB respectively,” he said.

Source : AllAfrica

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