Manufacturing and mining recovered slightly in August, but business confidence is passive, lacking substantial upward momentum.
Seasonally adjusted mining production decreased by 2% in the three months ending August 2023 compared to the preceding three months. Gold, coal and manganese ore were the main detractors of growth over the three-month period. “It is becoming clearer that growth in manufacturing and mining moderated in the third quarter, but the September numbers should ultimately show whether these sectors will detract from overall third quarter real gross domestic product .”
In the short term, foreign business-related factors, including merchandise imports, exports and inward tourism, had the most positive impact on business confidence in September 2023.