Despite a better performance in March, both sectors recorded contractions in the first quarter of the year – with production severely constrained by load-shedding
Power cuts in the first quarter of the year delivered a blow to the mining and manufacturing sectors, which does not bode well for economic growth.
Mining production decreased 1.1% year-on-year in March and was down 3.4% in the first quarter. Manufacturing production grew 1.2% in March but decreased 2.4% in the first quarter.While retails sales figures next week Wednesday will paint a clearer picture of how the economy performed, growth will likely be negative in the first quarter. The data will increase pressure on President Cyril Ramaphosa to push through economic reforms.
“More timely data do, at least, suggest that conditions improved in April. The severe electricity outages in March prompted by Eskom’s woes eased. Surveys were also more positive,” he saidFNB economist Jarred Sullivan expects a rebound in the second quarter but warns that growth will probably not trend sustainably higher.
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