ECONOMIC WEEK AHEAD: Fears mount of another quarterly economic contraction
Hopes mining and retail will bail out economy
After disappointing manufacturing data, which showed the sector will be a drag on third-quarter GDP growth, all eyes will be on retail sales and mining production figures this week for evidence that the economy is not about to suffer another quarterly contraction.
Real GDP growth rebounded to 3.1% quarter on quarter in the second quarter — a massive turnaround from the first quarter’s 3.2% contraction when load-shedding and strikes took a heavy toll. But this has raised the statistical base going into the third quarter, making it harder for the economy to sustain an upward trend.