The sports category has moved to a new website.
ADVERTISEMENT

South Africa GDP growth slows further to 0.2 percent

South Africa's economic growth slowed in the third quarter to 0.2 percent, figures showed Tuesday, highlighting the risk of a damaging credit rating downgrade next year.

Standard & Poor's rating agency maintained South Africa's foreign currency debt status one notch above junk status, and kept its negative outlook

The country was granted a reprieve in recent weeks when rating agencies did not drop it into "junk" investment category, but they warned of the impact of poor growth.

"The agriculture industry posted its seventh consecutive quarter of economic decline, on the back of one of the worst droughts in recent history," Statistics South Africa said in a statement.

It added that manufacturing and trade had also contracted, contributing to the reduced 0.2 percent annualised growth rate, which was slightly below expectations.

Standard & Poor's rating agency on Friday maintained South Africa's foreign currency debt status one notch above junk status, and kept its negative outlook.

ADVERTISEMENT

Rumbling political frictions erupted again last week when President Jacob Zuma beat back an attempt by at least four ministers to oust him from power.

The rebellion was the most serious threat to the president since he took office in 2009.

Zuma has been engulfed by graft scandals, while South Africa's economic growth has fallen and unemployment hit a 13-year high.

Efforts to avoid junk status have been at the centre of wrangling for months, with Zuma at loggerheads with Finance Minister Pravin Gordhan, a reformist widely respected among international investors.

Growth in the second quarter was revised upwards to 3.5 percent.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

President Ruto pens Easter message to Kenyans

President Ruto pens Easter message to Kenyans

NTSA suspends 2 popular PSV saccos with a fleet of over 200 vehicles

NTSA suspends 2 popular PSV saccos with a fleet of over 200 vehicles

Marianne Kitany tactfully speaks on whether Ruto should fire her ex, CS Linturi

Marianne Kitany tactfully speaks on whether Ruto should fire her ex, CS Linturi

Gov't & opposition officials clash at Rita Tinina's burial ceremony

Gov't & opposition officials clash at Rita Tinina's burial ceremony

CS Murkomen unveils new number plates for cars that will get preferential treatment

CS Murkomen unveils new number plates for cars that will get preferential treatment

Moi University students escape through windows after road crash

Moi University students escape through windows after road crash

57,000 civil servants to have their rent reviewed upwards

57,000 civil servants to have their rent reviewed upwards

Interesting story of U.S. Army Specialist Wambui who comes from a military family

Interesting story of U.S. Army Specialist Wambui who comes from a military family

Heroic GSU officer dies after jumping out of a taxi along Thika Super Highway

Heroic GSU officer dies after jumping out of a taxi along Thika Super Highway

ADVERTISEMENT