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South African economy grows by 0.2 percent in Q3

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Staff Writer | December 8, 2016
South Africa's gross domestic product (GDP) growth rate was 0.2 percent in Q3 2016, Statistics South Africa (Stats SA) said.
South Africa GDP
Africa   Statistics South Africa:
The main contributors to the GDP growth were the mining and quarrying industry; finance, real estate and business services; and general government services, Stats SA said in its quarterly economic review.

Mining and quarrying increased by 5.1 percent, largely as a result of higher production in the mining of "other" metal ores, in particular iron ore.

In monetary terms, the nominal GDP was estimated at 1,087 billion rand (131 billion U.S. dollars) for Q3, which is 18 billion rand (about 1.3 billion dollars) more than Q2.

Four industries contracted in the third quarter, namely agriculture, forestry and fishing (-0.3 percent); manufacturing (-3.2 percent); electricity, gas and water (-2.9 percent); and trade, catering and accommodation (-2.1 percent).

The agriculture, forestry and fishing industry has been in decline for seven consecutive quarters.

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