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South Africa's GDP grows 1.2 pct in quarter three


09:07, November 29, 2012

JOHANNESBURG, Nov. 27 (Xinhua) -- The South African economy grew by 1.2 percent in the third quarter, the Statistics South Africa (Stats SA) announced on Tuesday.

The main drivers to the growth were finance, real estate, business services and general government service, said the Stats SA.

The Stats SA said the economy grew by 2.6 percent in the first nine months this year, compared with the same period last year.

However, it was the lowest growth in the real GDP since the second quarter of 2009, according to the Stats SA.

A South African economist said the weak growth in the third quarter this year was mostly attributed to the contraction in the mining sector and other sectors due to the illegal strikes.

The mining and quarrying sector contracted by 12.7 percent, becoming one of the main contributors to the slowing down of the GDP growth in the third quarter, said the Stats SA.

A South African economist predicted that the growth for the full year of 2012 would be lower than 2.5 percent previously expected, but it would be still above 2 percent.

Since the 2008 global recession, the South African government has been striving to promote the recovery of its economy. It is expected the South African economic growth will reach around 3 percent in 2013.

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