LATEST- SA RECORD 2.2% THIRD QUARTER GDP GAINS- LIFTING COUNTRY OUT OF RECESSION

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 included a economic output, it increased by 0.5% on an unadjusted year-on-year basis in the third quarter.

The main driver of growth was agriculture, up by 6.5%.

The increases are a relief after two disappointing quarters which impacted heavily on overall growth.

However there was still disappointing numbers, mining was down 8.8%, while the financial sector was up 2.3%.

Manufacturing increased by 7.5%. Retails sales had 3.2% increase.

Photo credit- File photo

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