Ricochet News

Economy avoids recession with slight increase

By Charl Bosch - Nov 24, 2015
Economy avoids recession with slight increase

South Africa has escaped slipping into recession after the country’s economy grew by a scant 0.7% during the third quarter of the year.

According to the latest figures released by Statistic South Africa on Tuesday, total Gross Domestic Product (GDP) increased by 1.5% over the first nine months of the year compared to 2014, while nominal GDP exceeded the R1-billion mark for the first time.

The various segments showed mix results with the primary sectors dropping 10.4% due to a decrease in agriculture (-12.6%), mining (-9.8%) and electricity (-8.0%). Growth was however recorded in both the secondary (+3.3%) and tertiary (+1.9%) sectors with the best performing being manufacturing (+6.2%), finance (+2.8%) and personal service (+1.7%).