JOHANNESBURG – The South African economy slipped slightly in the third quarter after rebounding by a revised 3.2 percent in the second quarter of 2019, Statistics SA announced on Tuesday.
The country’s mining, manufacturing and transport sectors were the biggest drags on growth in the gross domestic product (GDP), the national statistics agency said.
“Mining was down by 6.1 percent, driven largely by a fall in the production of platinum group metals, coal and iron ore. Gold saw some positive movement in the third quarter, according to the Mining: Production and sales release for September 2019.
“Manufacturing fell by 3.9 percent, but being a bigger industry than mining, its contribution to total GDP growth was just as large (-0.5 of a percentage point in both cases). The contraction was mainly due to decreases in the manufacturing of basic iron, steel, and machinery products, as well as products related to the petroleum, chemicals and plastics division,” read the statement by StatsSA.