Statistics released newly by Statics SA showed that South African mining and manufacturing output in the second quarter of this year was likely to help the economy out of the technical recession it currently finds itself in, writes Business Report
Mining figures showed that while production fell by 0.8% year-on-year in June, on a quarterly basis production in the sector increased by 0.6% in the second quarter of this compared with the first quarter. Manganese ore was the largest positive contributor in mining production in the quarter after it ticked up 1.1%,
Kamilla Kaplan, an economist at Investec, said that mining production was expected to make a positive contribution to the second quarter's gross domestic production.
“The magnitude of the rebound in commodity prices seen in the second half of last year has faded somewhat, whilst operating cost pressures for mining producers remain elevated.
Source. Business Report
