South Africa’s economy narrowly avoids recession
24 November 2015
South Africa’s economy grew by 0,7% in the third quarter of 2015, according to preliminary estimates of real gross domestic product (GDP) released by Stats SA.
Unless otherwise stated, growth rates are quarter-on-quarter, seasonally adjusted and annualised.
After experiencing a 1,3% contraction in the second quarter, the marginal GDP growth in the third quarter staved off a technical recession. A recession is usually said to occur if a country experiences two consecutive quarters of GDP decline.
The increase in overall economic activity in the third quarter was characterised by three of the ten main industry groups shrinking in size, while the other seven experienced some growth1.