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South Africa grew lower than expected in Q3

Staff writer ▼ | November 26, 2015
South Africa's economy grew lower than expected in the third quarter but avoided a technical recession, helped by a recovery in the key manufacturing sector.
South Africa
Africa   GDP expanded by 1 percent in South Africa
The numbers however indicated that Africa's most industrialised economy remains under stress, and might not achieve even the sluggish 1.5 percent 2015 growth target set by the National Treasury.

Gross domestic product was up 0.7 percent in the third quarter after contracting 1.3 percent in the three months to June, Statistics South Africa said.

GDP expanded by 1 percent on a year-on-year basis compared with 1.2 percent growth previously, the agency said.

The third quarter GDP recovery was led by the manufacturing sector, which contributes slightly more than 12 percent to the economy and grew by 6.2 percent. Mining, on the other hand, fell by 9.8 percent while agriculture slid 12.6 percent.