Aug 28, 2012
SA quarterly economic growth of 3.2% buoyed by miningBack
Agriculture|Africa|Lonmin|Nedbank|Platinum|Stats SA|Water|Africa|Marikana Mine|Electricity|Finance|Manufacturing|Manufacturing Industry|Mining|Month Platinum Producer|Real Estate|Real Gross Domestic Product|Retail|Services|Water|South Africa
© Reuse this
In its quarterly GDP report, Stats SA stated that the mining and quarrying sector, which grew by 31.2%, contributed 1.5 percentage points to the second-quarter GDP increase.
Stanlib economist Kevin Lings stated that, had the mining sector not rebounded during the second quarter, the growth rate would have reached a more modest 1.7% annualised quarter-on-quarter growth.
Banking group Nedbank warned the mining sector was expected to come under renewed pressure, given the weak global economic growth and the disruptions earlier this month at platinum producer Lonmin’s Marikana mine.
The sector, with its current illegal strike action in platinum, would be an ongoing contributor of volatility and offset third-quarter GDP growth, agreed Nomura International economist Peter Attard-Montalto.
The finance, real estate and business services sector added 0.5 percentage points and the wholesale, retail and motor trade, catering and accommodation sectors added 0.4 percentage points.
The manufacturing industry impacted GDP negatively with -0.2 percentage points after a 1% decline in growth, while -0.1 percentage points emerged from the electricity, gas and water industry following 4.2% lower growth.
Manufacturing would continue to be impacted by weak external demand, while agriculture, which experienced a 5.8% growth during the period, would continue to improve.
“We still expect growth to slow through the second half as contagion from the external sector spreads, but the economy is clearly leaving the first half at a much higher base than we thought even excluding mining,” commented Attard-Montalto.
Lings said that South Africa’s GDP growth was forecast to grow by 2.6% in 2012, rising to just over 3% in 2013, “assuming no further significant weakening in the global economy”.
Overall, he added, South Africa had now experienced 12 consecutive quarters of fairly reasonable, positive growth.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Other Mining News
Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in...
South Africa's Richards Bay Coal Terminal (RBCT), the largest in the world, has stopped publishing monthly operational updates detailing shipments of coal because it is "competitive information", its chief executive said on Thursday. "This information is commercial,...
Updated 5 hours ago The majority of the 41 signatory countries to the Organisation for Economic Cooperation and Development’s (OECD’s) Anti-Bribery Convention, adopted in 1997, have failed to clamp down on foreign bribery activities. Fifteen years after its implementation, only four...
Updated 6 hours ago President Jacob Zuma on Thursday revealed the composition of the new team of Ministers and business proponents set to lead the Presidential Black Economic Empowerment Advisory Council. Trade and Industry Minister Dr Rob Davies, Minister in the Presidency responsible...
Updated 6 hours ago Cabinet on Wednesday approved the retention of South African Airways (SAA) chairperson Duduzile Myeni and nonexecutive director Yakhe Kwinana, while also approving the appointment of Dr John Tambi and Anthony Dixon as board members at the troubled national carrier....
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
This Week's Magazine
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
Effective file synchronisation and sharing across an organisation’s structures can provide the basis for robust mobile-device and document management while maintaining proper backup, version control and content distribution. These are the lessons learned by complex...
Hotel group Carlson Rezidor currently holds the largest hotel pipeline in Africa with 30 hotels and 6 300 rooms under development. The hotel group develops and operates Radisson Blu in the upper upscale segment and Park Inn by Radisson in the mid-market segment. With...