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%.
