South Africa’s GDP increased by 1.6% in third quarter: Stats SA

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Statistics South Africa has released a report which indicates that the country’s Gross Domestic Product (GDP increased by 1.6 % in the third quarter of this year.

This follows a contraction of 0.7% in the second quarter.

The largest contributions to increased economic activity came from agriculture, followed by finance, real estate, transport and manufacturing sectors.

Economist Laura Campbell says the figures reflect a robust recovery from the impact of the KwaZulu-Natal floods in the second quarter.

“Looking ahead there are some headwinds building. Global economic growth looks set to slow and this will be on domestic economic growth. Consumers are not out of the woods yet, they still face a cost of living crisis in terms of rising interest rates and elevated inflation. This too will be a drag on economic growth going forward, especially for a consumption driven economy like South Africa,” says Campbell.

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