Economic research group Oxford Economics Africa says these decreases were in line with its expectations of a modest improvement, but the contraction was somewhat deeper than the market consensus forecast of a decrease of 6.9% compared to 2021.In addition, seasonally adjusted mining production decreased by 1.9% in the three months ending in November 2022 compared to the preceding three months, while mineral sales at current prices were down 9.8% during the same period.
“In addition, the impact of less favourable commodity prices continues, with mineral sales at current prices dropping to R61.1 billion, 15.2% lower than November 2021.” While manufacturing recovered lost ground in November, the group says the performance of mining so far in the fourth quarter has been disappointing. This is bad news, as the sector will likely weigh on overall gross domestic product growth during the final quarter of 2022.
Source: Financial Digest (financialdigest.net)
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