UPDATE 3-South African economy bigger than pre-COVID after Q3 surprise

*Ramaphosa says ‘recovery is in process’

Eight of the 10 industries tracked by Statistics South Africa recorded growth in the July-September period. The agricultural sector was the largest contributor, which was attributed to good weather and a bumper harvest.President Cyril Ramaphosa, who has staked his reputation on lifting the growth rate since taking power in 2018 but has struggled to make much progress, said in a statement that an economic plan conceived during COVID-19 was bearing fruit.

Analysts had predicted 0.6% growth quarter on quarter. Some doubt it will continue to be as robust as in the third quarter given constraints like record power cuts and external conditions. Gross domestic product grew 4.1% year on year in the third quarter, also better than the second quarter’s 0.2% year-on-year growth and forecasts for a 2.8% expansion.

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