Q3 GDP expands by 2% q/q as agriculture soars

South Africa’s economy grew more than expected in the third quarter as agricultural sector continued to recover from a severe drought while mining and finance also improved, lifting hopes the country may avoid further credit downgrades. Last month S&P Global Ratings cut Pretoria’s local currency debt to "junk" status, citing a further deterioration in the country’s economic outlook and public finances. Moody’s placed South Africa on review for a downgrade.