{"id":760453,"date":"2024-03-15T07:00:00","date_gmt":"2024-03-15T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=760453"},"modified":"2024-03-14T17:13:27","modified_gmt":"2024-03-14T15:13:27","slug":"south-africa-is-barely-moving-the-dial","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/760453\/south-africa-is-barely-moving-the-dial\/","title":{"rendered":"South Africa is barely moving the dial"},"content":{"rendered":"\n<p>Two of South Africa&#8217;s most significant contributors to GDP &#8211; manufacturing and mining &#8211; have shown mixed results for the first month of the year &#8211; barely moving the dial on economic growth.<\/p>\n\n\n\n<p>According to Stats SA, manufacturing production increased by 2.6% year-on-year in January 2024, while mining declined by 3.3%. <\/p>\n\n\n\n<p>This comes off the back of quarterly GDP (ending December 2023) showing fractional growth of 0.1% &#8211; and 0.6% for the entire year.<\/p>\n\n\n\n<p>In the manufacturing sector, the most significant contributors were: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>petroleum, chemical products, rubber and plastic products (13.6% and contributing 2.9 percentage points);<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>wood and wood products, paper, publishing and printing&nbsp;(5.0% and contributing 0.5 of a percentage point);<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Textiles, clothing, leather and footwear&nbsp;(6.6% and contributing 0.2 of a percentage point); and<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Glass and non-metallic mineral products&nbsp;(5.2% and contributing 0.2 of a percentage point).<\/li>\n<\/ul>\n\n\n\n<p>Seasonally adjusted manufacturing production increased by 0.8% from December to January, after month-on-month changes of 0.9% in November and -1.3% in December. <\/p>\n\n\n\n<p>For the three months ended January 2024, seasonally adjusted manufacturing production increased by 0.2%. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-44.png\"><img loading=\"lazy\" decoding=\"async\" width=\"707\" height=\"199\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-44.png\" alt=\"\" class=\"wp-image-760459\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-44.png 707w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-44-300x84.png 300w\" sizes=\"auto, (max-width: 707px) 100vw, 707px\" \/><\/a><figcaption class=\"wp-element-caption\">Source: Stats SA <\/figcaption><\/figure><\/div>\n\n\n<p class=\"has-medium-font-size\"><strong>Mining production <\/strong><\/p>\n\n\n\n<p>On the other hand, mining production decreased by 3.3% year-on-year in January. <\/p>\n\n\n\n<p> The largest negative contributors were:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Manganese ore (-27.1% and contributing -2.3 percentage points);<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold (-12.7% and contributing -1.8 percentage points); and<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Diamonds (-41.2% and contributing -1.7 percentage points).<\/li>\n<\/ul>\n\n\n\n<p>Seasonally adjusted mining production decreased by 0.8% in January 2024, following month-on-month changes of 2.2% in November and -4,6% in December. <\/p>\n\n\n\n<p>Looking slightly positively, adjusted mining production did increase by 0.1% in the three months ended January 2024, with the largest positive contributor being coal (3.9% and contributing 1.0 percentage point).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-45.png\"><img loading=\"lazy\" decoding=\"async\" width=\"711\" height=\"175\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-45.png\" alt=\"\" class=\"wp-image-760479\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-45.png 711w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-45-300x74.png 300w\" sizes=\"auto, (max-width: 711px) 100vw, 711px\" \/><\/a><\/figure><\/div>\n\n\n<p>Mining data often provides growth clues for the South African economy, and the retraction is concerning for an economy that narrowly avoided a technical recession in Q4 2024 after posting a 0.1% quarter-on-quarter rise in GDP. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15-1024x768.png\" alt=\"\" class=\"wp-image-757515\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15-1024x768.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15-300x225.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15-768x576.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-15.png 1297w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/lifestyle\/760351\/big-shift-in-marriages-and-divorces-in-south-africa-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Big shift in marriages and divorces in South Africa<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining and manufacturing production figures for January 2024 show the year is off to a flat start.<\/p>\n","protected":false},"author":95,"featured_media":118028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,1809],"class_list":["post-760453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-stats-sa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/760453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=760453"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/760453\/revisions"}],"predecessor-version":[{"id":760495,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/760453\/revisions\/760495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/118028"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=760453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=760453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=760453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}