Advertise with fastmoving.co.za
 
 

Mining data shows economy may be perking up
Mining data shows economy may be perking up

Mining data shows economy may be perking up

ECONOMIC NEWS

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 

Related News

Mondelēz opens $90m biscuit production plant in Bahrain
18/04/2018 - 09:03
Confectionery company Mondelēz International has opened a new $90 million manufacturing facility in Bahrain to meet growing consumer demand for its products.

AB InBev develops new energy-efficient brewing method
16/04/2018 - 14:14
AB InBev has developed a new brewing method which will reduce its CO2 emissions by approximately 5% once the technique is utilised in its entire brewery network.

Manufacturing output drops in February
13/04/2018 - 08:25
SA’s manufacturing output growth decelerated sharply to 0.6% in February from 2.3% in January, dashing expectations of an uptick.

South African manufacturers turn gloomy again
03/04/2018 - 18:34
After briefly turning optimistic in February, South African factory managers were back on the pessimistic side of the monthly manufacturing purchasing managers index (PMI), Absa reported on Tuesday.

Mondelēz set to close two production facilities in Brazil
27/03/2018 - 11:46
Mondelēz has announced that it will close two of its Brazilian production facilities by the end of 2018.