Mining data shows economy may be perking up
By Sunita Menon - Mar 14th 2017, 16:10
SA’s economy appears to be perking up as the slowdown in mining eases. The rise in commodity prices due to an improvement in global demand led to a 1.3% year-on-year increase in mining production in January.
Mining, which contributes about 8% to GDP, contracted 4% in the fourth quarter of 2016.
On March 7, Statistics SA said GDP had contracted 0.3% quarter on quarter in the fourth quarter of 2016 due to a slump in mining and manufacturing sectors. Growth in This made 2016 the worst year since the 2009 recession.
With signs of growth in the mining sector, things are looking up for first-quarter 2017 GDP.
The two main positive contributors were manganese ore and iron ore, which both contributed 1.2 percentage points, while coal was a significant negative contributor.
Seasonally adjusted mining production increased by 1.7% in January 2017 compared with December 2016 following month-on-month contractions of 0.3% in December 2016 and 4.7% in November 2016.
Manufacturing production is set to be released on Tuesday afternoon.© BusinessLIVE MMXVII
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