Wednesday, May 26, 2010

South Africa’s economy gets a boost

BY NEWSTEAM
26 MAY 2010


The Ministry of Finance says there has been a positive growth in the South African economy for the first quarter of 2010, with real gross domestic product at market prices increasing by four-point-six percent quarter-on-quarter.

This represents an expansion in the economy of one-point-six percent year-on-year. All sectors recorded positive growth in the first quarter, with notably strong performances from the mining and manufacturing sectors.

The Ministry says these positive outcomes are attributable to improving global demand, which has boosted commodity prices and exports.

Meanwhile News Flash News Agency reports that the global stock markets fell heavily yesterday over continued fears about eurozone debt problems.

At midday in Europe the FTSE 100 in London was down by more than two-point-52 percent, Germany's Dax index was two-point-46 percent lower, while in France the Cac 40 index had dropped three-point-17 percent.

It came after shares in Asia had seen sharp falls.

Stocks in South Korea and Japan had been affected as North Korea reportedly went on to military alert.

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