Mining production fell less than expected in March
Mining fell by 1.1% in March, less than the expected contraction of 7%
Mining production beat expectations in March, falling less than expected, but the sector will still knock economic growth in the first quarter. Mining production decreased 1.1% year-on-year in March, after plummeting to a revised 8.1% in February, its lowest level in three years, data from Statistics SA showed on Thursday. This is the fifth consecutive contraction for the sector but a much higher outcome than the 7% contraction economists polled by Bloomberg had expected. Seasonally adjusted mining production decreased by 3.4% in the first quarter of 2019 compared with the fourth quarter of 2018 — indicating that the sector will weigh on the GDP figure for the quarter.
Production has been hard hit in recent months by strikes at gold mines led by the Association of Mineworkers and Construction Union (Amcu), where about 15,000 workers striked for almost five months at the Driefontein, Kloof and Beatrix mines. Workers returned to work at the end of April.The sector has also bee...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.