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.
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.