* Mining jumps but labour strife threatens the sector
* Third-quarter outlook weak on mining woes
(Adds comments, background)
By Stella Mapenzauswa
PRETORIA, Aug 28 (Reuters) – South Africa’s second-quarter
economic growth quickened just slightly less than the market
expected, boosted by a surprise jump in mining and suggesting
the central bank could hold rates steady next month.
Africa’s biggest economy grew by 3.2 percent on a
quarter-on-quarter basis and adjusted for seasonal factors in
the second quarter, just below market expectations of 3.3
percent growth, Statistics South Africa said on Tuesday.
On a year-on-year and unadjusted basis, growth jumped to 3
percent from 2.1 percent in the first quarter, overshooting
market expectations of 2.7 percent.
Economists had expected growth to accelerate to 3.3 percent
quarter-on-quarter but manufacturing and electricity dragged on
the number.
Manufacturing output contracted by 1 percent in the second
quarter from a 7.7 percent expansion previously.
On the other hand, mining registered a surprise 31.2 percent
jump, coming off a low base of -16.8 percent in Q1.
Continued…
