Dismal mining and manufacturing figures for August have raised the prospect of a third-quarter economic contraction.
SA’s mining sector suffered a surprise 3.2% year-on-year contraction in August, worse than the most pessimistic forecast by economists, confirming that the national economy is struggling to build momentum. Economists polled by Bloomberg expected production to remain unchanged in the sector, which accounts for about 8% of GDP, and was a key contributor to growth in the second quarter.
Manufacturing activity also contracted for the third consecutive month in August, falling 1.8%, though this was better than the 2.5% expected.
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