South Africa Economy Shrinks as Outages, Logistics Take Toll
- Gross domestic product contracts 0.7% y/y in third quarter
- Economists had forecast a contraction of 0.1% in the period
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South Africa’s economy shrank in the third quarter as logistics constraints and a chronic electricity shortage took their toll.
Gross domestic product contracted 0.7% year-on-year in the three months through September, compared with growth of 1.5% in the prior quarter, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. The median estimate of 11 economists in a Bloomberg survey was for output to shrink 0.1% in the period.