Finance Minister Nhlanha Nene says he is due to present economic structural reforms and a stimulus package that he believes will pull the economy out of a technical recession.
This after it emerged that the South African economy has slipped into its first technical recession in nine years following Stats SA's announcement on Tuesday that the country's Gross Domestic Product had shrunk by 0.7% in the second quarter of 2018. The GDP drop followed a revised fall of 2.6% in the first quarter of this year.
Nene said while government was disappointed by the latest economic figures‚ he was confident the economic structural reforms and measures to stimulate the economy he was due table in Parliament in October would help pull South Africa out of the woods.
Nene is due to present the Medium Term Budget Policy Statement (MTBPS) next month‚ which outlines government's economic blueprint and spending plans for the next three years.