A Recession Near-Miss for the South African Economy

SOUTH AFRICA - Report 24 Nov 2015 by Iraj Abedian

On a quarter-on-quarter (q/q) seasonally adjusted annualized basis, growth during Q3 2015 was a paltry 0.7%. Quarter-on-quarter GDP contracted by 1.3% in Q2 2015, and this means that the South African economy managed to escape a recession during Q3 2015, albeit marginally. A recession by South African standards is defined as two consecutive quarters of negative economic growth. Year-on-year (y/y) GDP growth, however, decelerated from 1.2% during Q2 2015 to 1% in Q2 2015, which is in line with market expectations.

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