{"id":10843,"date":"2012-05-29T22:16:23","date_gmt":"2012-05-29T20:16:23","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/update-1-s-africa-gdp-growth-slows-but-factory-output-up\/"},"modified":"2012-05-29T22:16:23","modified_gmt":"2012-05-29T20:16:23","slug":"update-1-s-africa-gdp-growth-slows-but-factory-output-up","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-gdp-growth-slows-but-factory-output-up\/","title":{"rendered":"UPDATE 1-S.Africa GDP growth slows, but factory output up"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Mining slumps, but manufacturing pulls growth up<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Reserve Bank might not need to cut rates<\/p>\n<p> (Adds background, details, comments)<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">PRETORIA<\/span> May 29 (Reuters) &#8211; South Africa&#8217;s economic growth<br \/>\nslowed in the first quarter of 2012, hit by a sharp contraction<br \/>\nin mining, but manufacturing showed surprising resilience,<br \/>\nsuggesting the Reserve Bank might not need to cut interest rates<br \/>\nto stimulate output.<\/p>\n<p><span><\/span><\/p>\n<p>The economy grew by 2.7 percent quarter-on-quarter on a<br \/>\nseasonally adjusted and annualised basis in Q1, surpassing<br \/>\nanalysts&#8217; forecasts of 2.4 percent and compared with a 3.2<br \/>\npercent rise in the fourth quarter of last year, Statistics<br \/>\nSouth Africa said on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>On an unadjusted year-on-year basis, economic growth was at<br \/>\n2.1 percent in Q1 from 2.9 percent in the fourth quarter.<\/p>\n<p><span><\/span><\/p>\n<p>A Reuters poll of 12 economists last week forecast<br \/>\nquarter-on-quarter growth of 2.4 percent in Q1 while<br \/>\nyear-on-year expansion was seen at 2.2 percent.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Better than what most people were looking for. The surprise<br \/>\nwould be manufacturing being as strong as it was simply because<br \/>\nwe saw quite a shock number for the March number so clearly it<br \/>\nwasn&#8217;t quite as badly as impacted,&#8221; said Kevin Lings, chief<br \/>\neconomist at Stanlib.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We know mining was weak because of all the closures and<br \/>\nstrike activity, especially around platinum. The other sectors<br \/>\nheld up reasonably well especially manufacturing.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>The mining sector shrank by 16.8 percent during the quarter<br \/>\nbut factory output, which accounts for about 15 percent of GDP,<br \/>\nwas up 7.7 percent.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Mining slumps, but manufacturing pulls growth up * Reserve Bank might not need to cut rates (Adds background, details, comments) PRETORIA May 29 (Reuters) &#8211; South Africa&#8217;s economic growth slowed in the first quarter of 2012, hit by a sharp contraction in mining, but manufacturing showed surprising resilience, suggesting the Reserve Bank might not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10843"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10843\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}