SA avoids technical recession in third quarter
by Staff Writer2015-11-24 12:24:55.0
SOUTH Africa avoided a technical recession in the third quarter, growing a seasonally adjusted and annualised 0.7% over the period, Statistics SA data showed on Tuesday. A recession is two consecutive quarters of economic contraction.
Gross domestic product (GDP) contracted by 1.3% in the second quarter.
Manufacturing, finance and the trade sectors supported growth, which was partly offset by declines in mining, agriculture and construction.
Mining production was negatively affected by lower commodity prices and slowing growth in China, which is a key export market for commodities mined in SA.
Agricultural output has been hampered by a local drought, which has forced the country to import maize.
The unadjusted real GDP for the third quarter of this year increased by 1% compared with the third quarter of last year.
The GDP estimate for the first nine months of this year rose by 1.5% compared with the corresponding period last year.
Picture: THINKSTOCK
SOUTH Africa avoided a technical recession in the third quarter, growing a seasonally adjusted and annualised 0.7% over the period, Statistics SA data showed on Tuesday. A recession is two consecutive quarters of economic contraction.
Gross domestic product (GDP) contracted by 1.3% in the second quarter.
Manufacturing, finance and the trade sectors supported growth, which was partly offset by declines in mining, agriculture and construction.
Mining production was negatively affected by lower commodity prices and slowing growth in China, which is a key export market for commodities mined in SA.
Agricultural output has been hampered by a local drought, which has forced the country to import maize.
The unadjusted real GDP for the third quarter of this year increased by 1% compared with the third quarter of last year.
The GDP estimate for the first nine months of this year rose by 1.5% compared with the corresponding period last year.
