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South Africa Narrowly Avoids a Recession
South Africa’s economy, which shrank 1.3% in the second quarter, expanded by 0.7% in July-September, according to the government’s Statistics South Africa service.
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South Africa’s economy, which shrank 1.3% in the second quarter, expanded by 0.7% in July-September, according to the government’s Statistics South Africa service.
The tiny improvement averted an economic recession, which is defined as two consecutive quarters of contraction.
But the country’s data agency notes that some of the South Africa’s industries are in deep recession. The group is led by agriculture, which shrank nearly 13% in the third quarter. Mining contracted 10%.
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