South Africa’s Economic Growth Rate Slows

30 May 2012 16:00 - Crage Campbell

Email Article Print Article
    


South Africa’s Economic Growth Rate Slows

The rate of growth in the South African economy dropped considerably in the first quarter of 2012 mainly due to a big fall in output from its key mining sector. In the January to March quarter, Africa’s biggest economy grew 2.7% on a seasonally adjusted and annualised basis which compares with a 3.2% increase in the last quarter of 2011. Because of a six week strike at a Impala platinum firm the world’s second largest producer of the precious metal, output from South Africa’s mining sector fell 16.8%. The wiser mining industry was also affected by reduced demand from Europe,

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%.

Related Links:
• South Africa Government
Official Website
• Latest News
Regular News Updates

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

Always dreaming of that brand New car , Vehicle loans can help you achieve just that .
31 August 2018
Which Way To Pay
Vehicle Loans are there to help you to be able to purchase that new car
Read More >>
The south African Rand has been hit drastically with the recent Plunge of the Turkish Lira.
31 August 2018
Which Way To Pay
Our Homeland Currency South African Rand has taken a drastic hit with the Lira on the drop.
Read More >>
Everyone wants that special vehicle , but cant always afford it straight away
18 April 2017
Which Way To Pay
We all know its nice do drive a new car , but not everyone has the cash available , Vehicle loans are the answer
Read More >>