Mining production surprised with an unexpected boost in December as gold experienced its biggest jump since the start of 2016, despite the drag that power cuts by Eskom have placed on SA’s economy.
The biggest driver of the December uptick was gold production, which grew 24.9%. The safe-haven metal has experienced record prices, making 2019 its best performing year since 2010, according to the World Gold Council. Gold rose 18.4% in dollar terms last year, according to the council, as global uncertainty increased and interest rates fell.
Even if SA managed to dodge a technical recession “by a hair’s breadth, it’s clear that the economy entered 2020 on a very weak footing”, he said in a note.
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