South African economy contracts 0.6% in third quarter

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JOHANNESBURG – South Africa’s gross domestic product contracted 0.6% in the third quarter, following a revised 3.2% expansion in the second quarter, data from Statistics South Africa showed on Tuesday.
Africa’s most advanced economy has struggled to emerge from a deep slump in the nearly two years since President Cyril Ramaphosa took the helm with promises to reform.
The latest data will pile on the pressure, particularly from ratings agencies which have flagged weak growth as a major risk, and investors weary of increasing state debt as revenues slide.