September mining production data released on Thursday was just the latest set of numbers which signals that South Africa’s economy may have contracted in the three months to the end of September. After dodging a recession in the second quarter, that is quite a letdown and underscores the mounting challenge facing President Cyril Ramaphosa as his government tries to attract investment and kickstart the growth that many analysts say is needed to make a dent in an unemployment rate approaching 30%.
The manufacturing numbers have also been depressing. Compared to the second quarter, production in the sector decreased by 0.9% in the third quarter. Basic iron and steel production decreased by 7.8%, underlying the woes in a sector that is crucial for industrialisation. This was driven home this week by ArcelorMittal South Africa’s announcement that it was closing down its Saldanha plant.
Confidence levels are also low and drought has been taking its toll. Small wonder the Treasury has revised its growth forecast for 2019 as a whole down to a sluggish 0.5%. One can only hope that that does not prove optimistic.
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Market data — November 13 2019Market data including bonds, unit trusts and fuel prices
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