South Africa's Extractive Industries Face Pressure | Business Edge | 24-07-23
· 24.07.2023 · 22:00:58 ··· ··· Monday ·· 1 (1)
News Central TV Oxford Economics Africa, an Economic research group, has expressed concerns over South Africa’s mining and manufacturing industries being under pressure in May following their improved performance throughout the first quarter.
A Statistics SA’s report released in June shows that seasonally adjusted mining production fell sharply by 3.8% compared to the previous month in May, compared to a 1.5% increase during April compared to March. Annual output was down 0.8% most recently, following last month’s 3.2% expansion compared to a year ago.
Oxford Economics Africa says the country’s economy will hardly grow at all in 2023 with real GDP growth of 0.2% expected this year. However, less intense daytime load shedding during June should make for interesting output data in July.
Host: Lekan Onabanjo
Guest: Jannie Rossouw, Visiting Professor, Wits Business School, Johannesburg, South Africa
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