Economy/AP
South Africa moves out of recession as 3rd quarter GDP figures pick up slightly
Associated Press
11/24/09 4:45 AM PST
JOHANNESBURG — Government figures show that South Africa has edged itself out of its first recession in nearly two decades as the economy shows a slight improvement.
Statistics South Africa said Tuesday that the economy grew by 0.9 percent in the third quarter of the year.
Increased activity in manufacturing and construction were the driving factors behind the new growth figures, according to Statistics South Africa.
South Africa went into recession in May after the economy shrunk by 6.4 percent and GDP continued to slide last quarter with negative growth of 3 percent.
Economists are warning that although South Africa is now seeing growth, the underlying trend is still negative as the global financial crisis takes its toll.
