South Africa's GDP Expands Only 0.2% In Third Quarter Of 2016

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Published Dec 6, 2016

South Africa's economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply. This has renewed fears that the reprieve from ratings downgrades will only be temporary. According to Statistics South Africa, GDP expanded by only 0.2 percent in the period between July and September -- compared with a revised 3.5 percent in the second quarter. The figure is just shy of the 0.5 percent growth anticipated by economists. The rand firmed in response to the release of the data, touching a session high of 13.64 per dollar from 13.73 per dollar before its release. Manufacturing now accounts for only 13 percent of the economy, down from around 25 percent two decades ago