JOHANNESBURG, Sept. 28 (Xinhua) -- Evidence that South Africa's economic recovery is on track emerged with the release of new figures, Business Day newspaper in Johannesburg said on Tuesday.

The data from Statistics South Africa showed that company failures fell in August and personal bankruptcies plunged in July.

South African liquidations fell 8 percent to 243, compared with August last year.

Business Day said in the first eight months of this year, liquidations contracted 2 percent to 2,589, compared with the same period last year.

South African insolvencies dropped 34.5 percent in July, compared with the same month last year, roughly the same pace as in June, the data showed.

These figures support trends demonstrated in South African Reserve Bank figures last week, which showed that South African consumer demand is recovering at a solid pace, while private companies are starting to pump money into the economy.

Consumer spending, which drives 60 percent of the South African economy, rose 4.8 percent in the second quarter of this year, although slowing from 5.7 percent in the first quarter.