SA's real gross domestic product (GDP) rose by 1.2 percent on a quarter on quarter (q/q) and seasonally adjusted annualised (saa) basis in the third quarter of this year from a revised 3.4 percent (3.2 percent) in the second quarter‚ Statistics SA data showed on Tuesday.
GDP growth was expected to edge up to 1.6 percent‚ according to a poll of leading economists by I-Net Bridge. The range of forecasts was from 1.3 percent to 2.0 percent.
The main reason for the sharp slowdown in growth during the third quarter‚ which was the lowest since Q2 2009‚ was a sharp contraction in the mining sector which shrank by 12.7 percent.
Growth in the finance and business services sector and the retail and wholesale sectors both slowed during the third quarter‚ the data showed.
The manufacturing sector grew by 1.2 percent after contracting by 0.8 percent in the second quarter‚ revised from the previous estimate of a contraction of 1 percent.
Stats SA officials said that the reason growth in Q3 slowed more than expected compared with Q2 was because of the technical effect of an upward revision to growth in Q2.
During the first nine months of this year the economy grew by 2.6 percent compared with the same period last year.
Nigeria is seeking to boost diplomatic relations with SA to the same level as its trade relations.
African Bank extended its losses on the JSE as the market stressed over the scale of its soured debt.
"We are fully behind workers' demands as they are reasonable... The employer is drunk with profits..."
