Cabinet has welcomed the 2.2% growth in the South African economy during the third quarter.
The development saw the country move out of a technical recession.
In a post-Cabinet statement, government said the growth figures were driven by increases in the agricultural sector (6.5%), financial sector (2.3%); manufacturing sector (7.5%) and wholesale and retail trade sales (3.2%).
“The growth figures signal a rebound in the economy and together with initiatives from the Jobs Summit and South African Investment Conference, will continue to improve,” read the statement.
Cabinet has also welcomed this month’s fuel price drop, saying it comes as a relief to consumers as the holiday season approached.
“All sectors of society are urged to build on the positive momentum during the third quarter to help place the South African economy on a new growth trajectory,” Cabinet said.
Meanwhile, Cabinet has welcomed the launch of the newly established R56 million Toyota Wessels Institute for Manufacturing Studies (TWIMS).
The institute is expected to boost South Africa’s manufacturing sector, develop world-class capabilities and drive African industrialisation.
“It will also accelerate the building of a manufacturing culture that the country needs to drive its domestic demands and create more jobs,” Cabinet said in the statement.
TWIMS is an independent and not-for-profit initiative established through grant funding from the Toyota South Africa Education Trust. It has been established in partnership with the University of Pretoria’s Gordon Institute of Business Science to deliver a Master of Business Administration degree specialising in manufacturing. – SAnews.gov.za