SOUTH AFRICA’S ECONOMY OUT OF RECESSION AS GDP EXPANDS 2.2% IN Q3

PRETORIA– South Africa’s economy grew more than expected in the third quarter as manufacturing and agriculture accelerated to drag the country of its first recession in nearly a decade, data showed.

South Africa’s economy expanded 2.2 percent in the third quarter in quarter-on-quarter terms, snapping out of recession after a revised 0.4 percent contraction in the second quarter, data from Statistics South Africa showed.

The rand added to its early session gains, advancing to a session-best 13.5600 per dollar at 0935 GMT from an open at 13.6150.

Household expenditure increased by 1.6 percent in the third three months of the year after contracting by 1.1 percent in the previous three months.

Government expenditure was up 2.2 percent after growing by 0.8 percent in the previous quarter.

Gross fixed capital formation contracted by 5.1 percent from a 0.7 percent contraction previously.

Source: NAM NEWS NETWORK