South Africa Narrowly Misses Recession as GDP Gains 0.7%
- Recovery masks deterioration in economy amid power shortage
- Reserve Bank has little room to spur growth as prices rise
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South Africa narrowly avoided a second recession in six years as manufacturing rebounded in the continent’s second-largest economy.
Gross domestic product increased an annualized 0.7 percent in the three months through September compared with the previous quarter, when it shrank 1.3 percent, the statistics office said in a report released on Tuesday in the capital, Pretoria. The median estimate of 18 economists surveyed by Bloomberg was expansion of 1 percent.