South Africa Economic Growth Surprise Helps Rand Pare Losses
- GDP grew 0.6% quarter-on-quarter in period through June
- Outlook still dimmed by power blackouts, logistic constraints
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South Africa’s economy grew faster than expected on improved output in the finance and manufacturing industries. The rand pared earlier losses and bond yields retreated from session highs after the data.
Gross domestic product expanded 0.6% in the three months through June, compared with growth of 0.4% in the prior quarter, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. That beat the 0.3% median estimate of 15 economists in a Bloomberg survey.