S. Africa’s economy grows at slower pace than forecast in Q3

According to data released by South Africa’s official statistics office, Statistics South Africa, the country’s economy grew 0.2% following a revised growth rate of 3.5% in the second quarter, missing economists’ expectations that called for a growth rate of 0.5% on the quarter in a survey conducted by Reuters. On a yearly basis, meanwhile, South Africa’s economy expanded by 0.7%, in line with economists’ expectations.

The deceleration in economic growth was led by lower manufacturing activities which declined 3.2% in the manufacturing sector while the electricity sector and trade and accommodation also posted declines of 2.8% and 2.1%, respectively.