Patience, please. South Africa’s economy contracted 3 per cent in the second quarter. The third quarterly contraction in a row was not, however, as dire as expected. That is cold comfort to thousands of South Africans who have lost their jobs in sectors from agriculture to mining, and township residents protesting at slow government progress on delivery of basic infrastructure. President Jacob Zuma, at 100 days in office, faces a daunting challenge.

Only in May, he pledged to create 500,000 jobs this year. Yet the economy shed 475,000 jobs in the first half. Unemployment is almost 24 per cent. Government programmes aimed at addressing basic services were expected to create the bulk of the jobs, especially in construction. These may be paying off, Standard Chartered notes; construction growth is back in double digits. But the fear is that the growth is not spreading to other sectors. The domestic economy is still contracting, especially in wholesale and retail, hospitality and finance.