SA’s economy grew at a slower pace than expected in the third quarter — by a seasonally adjusted and annualised 0.2% — after a 3.3% acceleration in the second quarter. Markets had expected growth of between 0.3% and 0.6% during the third quarter compared with the second quarter. GDP contracted by 1.2% during the first quarter. Mining and quarrying, finance, real estate and business services and general government services were the main contributors to GDP, data published by Statistics SA on Tuesday showed. Mining and quarrying grew by 5.1% largely due to higher production in the mining of iron ore. Manufacturing was one of the four industries that contracted during the third quarter. Manufacturing contracted by 3.2%, forestry and fishing lost 0.3%, electricity, gas and water fell by 2.9% and trade, catering and accommodation declined by 2.1%. Agriculture, forestry and fishing has been in decline for seven consecutive quarters. Joe de Beer, deputy director-general of economic statist...
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