Mining production in South Africa declined on an annual basis for the fourth consecutive month in May, Statistics South Africa data showed on Thursday. It is the latest indicator that the economy contracted in the second quarter and is tipping into ...
Mining production fell 7.8% in the year to May after sliding almost 15% in the year to April. On a monthly basis, there was a 0.7% increase, but that was off a low base after April’s collapse.
“After being one of the few disappointments during the better-than-expected Q1 2022 GDP release, mining looks set to be among the laggards again in Q2,” Jee-A van der Linde, an economist at Oxford Economics Africa, said in a note on the data. The commodities cycle and red-hot prices over the past couple of years translated into record current account and trade surpluses, which, among other things, helped to keep the rand on a relatively firm footing.
And with Stage 6 load shedding being triggered near the end of June, the economy this quarter has got off to a rocky start.
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