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Stormy seas for SA economy

The economy just missed a technical recession after it contracted in the previous quarter.

Picture: Christa Eybers/EWN

JOHANNESBURG - As Statistics South Africa says the economy grew by just 0.7 percent between the second and third quarter this year, economists are warning there are stormy seas ahead.

The economy just missed a technical recession after it contracted in the previous quarter.

Economist Thabi Leoka says the agricultural sector is one the main areas where production declined dramatically.

"What is worrying is that our primary sectors, our primary industries, have declined by about 10.4 percent - this includes mining and manufacturing."

Stanlib chief economist Kevin Lings says this figure demonstrates that very few new jobs are in the pipeline.

"That tells us that the economy is not performing well and under those circumstances, we are certainly unlikely to create any meaningful gains in employment."

Last week the Reserve Bank raised interest rates partly because the weak rand is pushing up inflation.