UPDATE 1-S.Africa exits recession, Q3 GDP up 0.9 pct q/q

* Short-term indicators show economy picking up

* Economic growth of previous years revised upwards

* Monetary loosening cycle seen at an end

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PRETORIA, Nov 24 (Reuters) - South Africa's economy exited its first recession in almost two decades, growing by 0.9 percent in the third quarter on a seasonally adjusted and annualised basis, Statistics South Africa said on Tuesday.

Analysts said the better-than-expected GDP figure for the third quarter meant the country's monetary loosening cycle was over.

The third quarter growth came after three consecutive quarters of decline and from a revised decline of 2.8 percent in the second quarter, better than the 3.0 percent first estimate.

On an unadjusted basis, the economy fell by 2.1 percent year-on-year.

The unadjusted real GDP for the first 9 months of 2009 was down 1.8 percent on the same period last year, pointing to a contraction for the year roughly in line with the Treasury's forecast of a 1.9 percent fall.