South Africa grew lower than expected in Q3
Africa GDP expanded by 1 percent in South Africa
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.
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. ■
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. ■
