SA claws its way out of recession with 2.2% GDP growth

Picture: ISTOCK

GDP rose 2.2% in the third quarter, data from Statistics SA showed on Tuesday. This was better than expectations.

A Bloomberg consensus was 1.9%, with all economists polled expecting SA to see growth.

Growth was driven by the manufacturing sector, which expanded 7.5%, financial services, which expanded 2.3%, and the transport, storage and communication industry, which increased 5.7%. The trade, catering and accommodation industry increased by 3.2%.

Mining weighed on growth, with a contraction of 8.8%. Revisions were made for the second quarter from a 0.7% contraction to one of 0.4%, based on more information from mining, manufacturing and trade.

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By: Sunita Menon

Source: TMG Digital

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