Radebe: Govt doing everything in its power to turn economy around
Stats SA released its GDP results, showing a contraction of 1.2 percent in the first quarter.
PRETORIA - While Cabinet has noted the contraction of the economy in the first quarter of the year, it says measures are already place to address the decline in the affected sectors.
Stats SA released its Gross Domestic Product results yesterday, which showed a contraction of 1.2 percent in the period from January to March this year.
"Our government is already implementing key interventions in those sectors most impacted on - such as agriculture, transport electricity and mining, which are being addressed through Operation Phakisa."
Radebe says government is doing everything in its power to turn the economy around.
"The dedicated work of 'Team South Africa' constituted by government, business and labour is ensuring that South Africa voids a junk status rating."
The minister says the unchanged economic outlooks of the rating agencies have given government space to implement its plans.