The manufacturing sector helps lift SA out of a recession

South Africa exits recession in just three months

The economy grew by 2.2% in the third quarter this year, meaning that the economy is growing and the country is no longer in a recession.

Economic output rose 0.5 percent on an unadjusted year-on-year basis in the third quarter, in line with analysts' predictions. This comes after SA plunged into recession in the first half of 2018 for the first time since the global financial crisis with two consecutive quarters of contraction. The median estimate of economists surveyed by Bloomberg was for growth of 1.9 percent.

South Africa's economy expanded 2.2% in the third quarter from the second, snapping out of recession after a revised 0.4% contraction in the previous quarter, data from Statistics South Africa showed.

The biggest drivers of quarterly growth were increases in manufacturing output, which rose 7.5 percent, and agriculture, which surged 6.5 percent.

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However, independent consultancy Capital Economics says in a note that the growth trajectory will probably slow down in the final quarter of the year due to "weaker agricultural growth and the imposition of power cuts". Cyril Ramaphosa's ascent to power - first as leader of the ruling African National Congress in December and as President in February - bolstered sentiment and the rand following Jacob Zuma's scandal-ridden tenure of nearly nine years, but indexes show confidence has waned as businesses seek real reforms.

The Rand currency was the second strongest performing of all developing countries against the dollar since Friday, gaining 1.81 percent according to Bloomberg.

"Specifically, third quarter's growth is forecast at 1.5 percent quarter-on-quarter seasonally adjusted annualised".

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