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SA records third quarter GDP of 2.2%, lifting country out of recession

South Africa suffered two successive quarters of negative growth - and the third-quarter numbers are a welcome relief for the country.

Picture: Pixabay.com

JOHANNESBURG - Stats SA has announced that the country has emerged from a technical recession with third-quarter GDP expanding by 2.2% quarter on quarter.

This is up from a revised contraction of 0.4% in the second quarter.

The data also shows economic output rose 0.5% on an unadjusted year-on-year basis in the third quarter.

Agriculture was one of the main drivers of the new growth figure - up 6.5%.

This was after a disappointing first two quarters which impacted heavily on overall growth.

Meanwhile, mining was down 8.8%, while the financial sector was up 2.3%.

Manufacturing increased by 7.5%.

There was also a boost for wholesale and retail trade sales - which rose 3.2%.

But the construction sector has been battling - decreasing 2.7%.

South Africa suffered two successive quarters of negative growth - and this is a welcome relief for the country.

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