Stats SA's latest Mining and Manufacturing data analysis
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GUEST - Thanda Sithole, FNB Senior Economist
The latest mining and manufacturing data in South Africa have shown mixed results, with the former coming in better than expected and the latter worse than anticipated.
The latest Stats SA data showed that mining production increased from a contraction of 1.0% in July to growth of 0.3% in August – far better than the Reuters consensus of a 2.1% contraction.
Mining output grew by 2.9% m/m on a seasonally adjusted basis, offsetting the 0.8% decline in July.
That said, output for the three months ending in August still fell by 1.4%, suggesting that the mining sector could weigh on GDP in Q3 2024.
The latest mining and manufacturing data in South Africa have shown mixed results, with the former coming in better than expected and the latter worse than anticipated.
The latest Stats SA data showed that mining production increased from a contraction of 1.0% in July to growth of 0.3% in August – far better than the Reuters consensus of a 2.1% contraction.
Mining output grew by 2.9% m/m on a seasonally adjusted basis, offsetting the 0.8% decline in July.
That said, output for the three months ending in August still fell by 1.4%, suggesting that the mining sector could weigh on GDP in Q3 2024.
