South Africa

HILARY JOFFE: Figures look good but on closer inspection, not so rosy

The market had expected the economy to grow at an annualised 2.5% during the first quarter of this year

It was a week of bad-mood-busting economic news, with stronger than expected first-quarter GDP figures, a big jump in business confidence, a current account surplus and, to top it all, President Cyril Ramaphosa's electricity surprise.

But a closer look at the first-quarter figures puts some question marks on how strong and how sustainable is SA's economic recovery. And while this year's growth rate will be way higher than we're used to, there are significant risks to the rosy picture...

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