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South Africa's rand weakens ahead of GDP data

South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko (Reuters)

JOHANNESBURG (Reuters) - South Africa's rand weakened against the dollar early on Tuesday ahead of third-quarter GDP figures expected to show the economy avoided a contraction but grew at a slower pace. * At 0645 GMT, the rand traded at 13.7775 per dollar, 0.35percent weaker from its New York close on Monday. * Statistics South Africa is due to release third-quarterGDP data at 0730 GMT. * Analysts polled by Reuters expect growth of 0.5 percent inthe third quarter after the economy expanded by 3.3 percent inthe second quarter. * "It is with keen interest then that we await the local GDPdata for Q3 this morning as this is what the country needs togrow markedly if it is to avert the (credit ratings) downgradefor good," Standard Bank chief currency trader Warrick Butlersaid in a note. * South Africa's has this year averted ratings downgradesfrom S&P Global Ratings, Fitch and Moody's but slow growthremained a risk. * Stocks were set to open higher at 0700 GMT, with the JSEsecurities exchange's Top-40 futures index up 0.36 percent. * In fixed income, the yield for the benchmark instrumentdue in 2026 added 0.5 basis point to 8.975 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Sunil Nair)