ECONOMIC WEEK AHEAD: Mining, retail sales to offer growth signals
Economists will also watch an announcement from the US Federal Reserve on Wednesday, writes Asha Speckman
Data set for release this week will provide clues about the state of economic growth during the first quarter of 2017, following a dismal contraction in the last quarter of 2016. Mining, manufacturing production and retail sales data are all expected this week. And there are already indications that these sectors may have started 2017 on a firmer footing. The rise in commodity prices — following an improvement in global demand — will lift mining production, which remains a cornerstone of the economy and contributes about 8% to the country’s GDP. Nedbank economist Isaac Matshego said the sector would benefit from higher prices, but policy uncertainty and fixed investment remained a challenge to growth in mining. Mining production may grow by as much as 3.7% in January compared with the same period a year ago. But the improvement is off a low base. In December mining contracted 1.9% year on year. A mild recovery has been forecast for the manufacturing sector. The Absa purchasing manag...
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