S.Africa Q3 GDP disappoints as mining contracts

JOHANNESBURG, Nov 29 – South Africa’s economy grew less than expected in the third quarter highlighting domestic weakness that might see the Reserve Bank consider cutting interest rates.

The South African Reserve Bank has left the repo rate flat at 5.5 percent throughout 2011, after reductions totalling 650 basis points in the two years to the end of 2010.

Statistics South Africa said on Tuesday GDP for the third quarter was at 1.4 percent on a seasonally adjusted and annualized basis.

 

Source: Reuters Africa newsletter

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