Africa avoids recession

JOHANNESBURG: South Africa´s economy grew by 0.7 percent in the third quarter, avoiding a recession after shrinking the previous quarter, data showed Tuesday, as the country struggles with multiple financial woes.
Power shortages have affected industry, unemployment is over 25 percent, and the global fall in commodity prices has badly hit South Africa´s key mining sector.
Statistics South Africa said that manufacturing and financial services helped lift GDP, while poor mining figures had been a drag on growth.
"Real gross domestic product (GDP) at market prices increased by 0.7 percent during the third quarter of 2015," it said.
The economy had shrunk by a shock 1.3 percent in the second quarter.
Growth across the sub-Saharan region has been scaled back following the crash in commodity prices.
Severe water shortages have also affected agriculture in South Africa, as the country endures its worst drought for decades.