SA exits technical recession
Stats SA said the rise in GDP numbers was largely as a result of increased economic activity in a number of areas, including manufacturing, transport and communication.
SOUTH Africa has come out of a technical recession with the economy growing by 2.2 per cent in the third quarter this year, said Statistics South Africa (Stats SA).
Third quarter growth – which was expected by economists – followed on two consecutive quarters of negative growth.
Nedbank economist’s expected the economy to improve to 2.2 per cent mainly on the back of the low base set in the first and second quarters.
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In its analysis on Monday, Nedbank said sectors expected to show improvement included manufacturing, domestic trade, transport and communication and the financial sector.
Statistics South Africa (Stats SA) said the rise in GDP numbers was largely as a result of increased economic activity in manufacturing, transport and communication as well as finance, real estate and business services.
The manufacturing sector expanded by 7.5 per cent while finance, real estate and business services increased by 2.3 per cent. Increased economic activity was reported for financial intermediation, insurance and auxiliary activities among others.
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