Phew. Predictions of a poor fourth quarter for South Africa failed to materialise as GDP growth came in at 2.1 per cent, quarter-on-quarter, making an increase of 2.5 per cent for 2012 as a whole.
It’s still far cry from the faster rowth of 2010 and early 2011, when 3.5 per cent and above was the norm, and is one of the weaker years of the last decade. But after months of strikes, labour unrest and political uncertainty, it will come as something of a relief. Continue reading »
That’s the mining effect.
South Africa’s GDP (seasonally adjusted) for the third quarter of 2012 increased by 1.2 per cent, compared with the 3.4 per cent (revised from 3.2 per cent) Q2 figure. Continue reading »
For South Africa right now, it’s all about mining. The labour unrest that has hit Lonmin’s mines dominates the news from the continent.
Dig into the GDP data released on Tuesday, and mining is also the big story. GDP for the second quarter came in at 3.2 per cent up on the previous quarter when it was 2.7 per cent. But any thoughts that South Africa’s economy is evading the global slowdown should be banished. The bounce back is all about the trials and tribulations of the local mining industry. Continue reading »