South Africa\u2019s economy grew marginally by 0.7% in the third quarter of 2015, Statistics SA announced on Tuesday.<\/p>\n
The gross domestic product (GDP) announcement comes after a second-quarter contraction of 1.3%.<\/p>\n
The mining (-9.8), electricity (-8%) and agriculture (-12.6%) sectors contracted in the third quarter, which has been expected due to lower commodity demand (mining and electricity) and the drought that has affected the country (agriculture). The manufacturing (6.2%), finance (2.8%) and trade (2.5%) sectors grew in the third quarter.<\/p>\n
GDP growth year-on-year was at 1% and 1.5% for the first nine months.<\/p>\n
Finance Minister Nhlanhla Nene revised South Africa’s expected economic growth rate for this year downward to 1.5% from the 2.0% mentioned in the main budget in February when he presented his mini budget to parliament in October.<\/p>\n
In the third quarter, the primary sector (agriculture and mining) pulled down growth forecasts with a 10.4% contraction, while the secondary sector (electricity and construction) grew by 6.2% and the tertiary sector (transport, finance and trade) grew by 1.9%.<\/p>\n
Stats SA said higher production in petroleum, chemical products, rubber and plastic products; wood and wood products, paper, publishing and printing; and food and beverages boosted growth in the manufacturing industry. Lower production in the mining of coal, platinum and quarrying of diamonds affected the mining sector, it said.<\/p>\n
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