PRETORIA, Dec 6 (Reuters) – South Africa’s economy grew 1. 6 percent in the third quarter quarter-on-quarter, contracting 0. 7 percent in the current quarter, more than economists expected, official data showed on Tuesday.
Gross domestic product grew 4. 1% year-on-year in the third quarter, according to figures from Statistics South Africa.
Analysts had forecast an expansion of 0. 6% quarter-on-quarter and 2. 8% year-on-year.
The statistics firm said 8 of the 10 industries it tracks saw an expansion, while two in the July-September period.
An expansion in production is expected, partly due to a weak base in the current quarter of 2022, when flooding disrupted operations at a key export hub.
(Reporting via Kopano Gumbi; additional reporting via Bhargav Acharya Editing via Alexander Winning)