South Africa's economy expanded for a fourth straight quarter, extending the longest growth streak since 2021 when the the nation was recovering from the Covid 19 pandemic.
Gross domestic product, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. That matched the median estimate of 11 economists in a Bloomberg survey.
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Growth in the quarter was largely led by the mining and agriculture sectors, which expanded 2.3% and 1.1%, respectively.
Gross fixed capital formation reversed its decline, rising 1.6% in the quarter. That signals businesses are beginning to invest in machinery, buildings and other fixed assets, which may help lift the productive capacity of the economy.
The reading adds to a recent spate of positive news around Africa's most industrialized economy. Last month, Finance Minister Enoch Godongwana delivered a mid-term budget statement that showed better revenue collection, while S&P Global Ratings lifted the nation's credit rating for the first time in two decades.
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Compared with the same period last year, the economy expanded 2.1% in the third quarter, up from a revised 0.9% in the prior three months. That was quicker than the 1.8% growth expected by six economists surveyed by Bloomberg.
Over the nine months through September, an early indicator of where full-year growth may land, GDP expanded 1.2%.
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