South Africa’s economy is no longer in recession.
Statistics South Africa released the economic growth rate or GDP for the third quarter, which came in at 2-point-2 percent quarter-on-quarter positive growth, compared with the negative growth of a revised 0-point-4 percent in the second quarter. The country’s economy had experienced negative growth for two successive quarters, which is defined as a technical recession.
Economists polled by Reuters had predicted a 1.6 expansion for the third quarter.
The data also showed economic output rose 0.5 percent on an unadjusted year-on-year basis in the third quarter, in-line with analysts’ predictions.
In September, South Africa entered recession in the second quarter for the first time since 2009.
At that time, Statistics South Africa said the economy contracted by 0.7 percent in the second quarter, led by declines in the agricultural, transport and retail sectors. – Additional info from Reuters