SA economy upticks by 0.5% in Q3: Stats SA

South Africa’s economy expanded by half a percent in the third quarter of the year – marking the fourth consecutive rise in economic activity.

This follows a revised increase of 0.9% in the second quarter.

The GDP reading released by Statistics South Africa (StatsSA) on Tuesday is in line with market expectations.

Stats SA said nine out of the 10 industries on the production side were stronger in the third quarter with mining, agriculture, forestry and fishing as well as trade recording the highest growth rates.

The Deputy Director-General of economic statistics at Stats SA, Joe de Beer, explained: “Over the longer term, we value the real GDP, or the volume-based GDP, at 1.187 billion. That's at the constant 2015 prices, and you can compare that to the levels that we had pre-Covid and during Covid. 

“Looking at our time series, this is now the fourth consecutive quarter of economic expansion, 0.5% and that follows on the 0.9% that was revised from the 0.8%.”