 |
| The mining sector was hit by a major strike during the first quarter of the year |
The rate of growth in the South African
economy slowed sharply in the first quarter of the year, hit by a big fall in
output from its key mining sector.
In the January to March period, South Africa's
economy - the biggest economy in Africa - grew 2.7% on a seasonally-adjusted
and annualised basis.
This compares with a 3.2% rise in the last
three months of 2011.
Output from South Africa's mining sector fell
16.8%, due in part to a six-week strike at a platinum firm.
The shutdown took place at Impala Platinum,
the world's second-largest producer of the precious metal.
The wider mining industry was also hit by
reduced demand from Europe.
Estimate cut
The slowdown in the economy was not as bad as
the 2.4% growth rate expected by analysts for the first quarter.
This was due to a bigger-than-expected 7.7%
rise in production from the country's factories.
On an unadjusted basis, the South African
economy grew 2.1% in the first quarter, down from 2.9% in the last three months
of 2011.
Kevin Lings, chief economist at South African
investment firm Stanlib, said: "We know mining was weak because of all the
closures and strike activity, especially around platinum.
"The other sectors held up reasonably
well, especially manufacturing."
The South African central bank now expects
the country's economy to grow by 2.9% this year, down from its previous
estimate of 3%.
Original article here
No comments:
Post a Comment