SA’s GDP Contracts By 0.6% In The 3rd Quarter

South African Rand bank notes and coins

Gross Domestic Product has unexpectedly contracted by 0.6% in the third quarter.

On Tuesday, Stats SA said this followed a revised 3.2% expansion in the second quarter.

Some of the contributors were agriculture, which contracted by 3.6%, mining by over 6% and manufacturing, which decreased by almost 4%.

Year-on -year, Stats SA said GDP grew by 0.1% in the third quarter, also below economists’ forecasts for growth of 0.4%.

EWN

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