South Africa’s GDP shrinks 0.3% in the 3rd quarter

South Africa’s Gross Domestic Product (GDP) shrank 0.3% in the third quarter compared to the second, reported Stats SA, as the country’s official statistics agency is known.

The result contrasts with the 0.3% growth recorded in the previous three months.

In the annual comparison, South African GDP expanded by 0.3% in the third quarter compared to the same period last year.

The result was well below the forecast of analysts consulted by FactSet, who expected an increase of 1.7%.