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Financial News: South African Economy Q3 Rebound Tops Expectations

South African Economy Q3 Rebound Tops Expectations

12/06/2022 - 10:00:00 (RTTNews)

(RTTNews) - The South African economy grew more-than-expected in the third quarter, after contracting in the previous three months primarily due to devastating floods in KwaZulu-Natal and load shedding, data from Statistics South Africa showed on Tuesday.

In real terms, gross domestic product advanced 1.6 percent sequentially, reversing a 0.7 percent fall in the June quarter. That was above the 0.6 percent rebound economists had expected.

Eight industries recorded positive growth between the second quarter and the third quarter, the agency said.

The manufacturing sector recovered 1.5 percent from the June quarter, when it contracted by 5.7 percent as a result of flooding in KwaZulu-Natal.

On the expenditure side, inventories contributed 0.7 percent to overall growth in the third quarter. Government final consumption rose 0.5 percent, and gross fixed capital formation gained 0.3 percent. Net exports logged positive growth of 1.0 percent.

Household final consumption decreased 0.3 percent in the third quarter.

On a yearly basis, GDP growth accelerated notably to 4.1 percent in the September quarter from 0.2 percent in the preceding three-month period. The expected expansion was 2.8 percent.

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