I see the third quarter economic growth numbers are in, and they're not pretty.
South Africa's economic growth rate slowed to 0,2% in the third quarter of 2008 on a seasonally adjusted and annualised basis, compared with an upwardly revised 5,1% growth in the second quarter, official data showed on Tuesday.

The third quarter figure was the lowest in a decade.
full story from M&G here
So Trevor Manuel saying South Africa is not in a recession is technically correct, but we're shaving it pretty close. It is quite a drop and is also signficantly off the 6%+ growth target.

So what is more important in our situation - inflation targetting or growth targetting?