Grim stats open small hope that we could see a rate cut

Business

Grim stats open small hope that we could see a rate cut

Mining data join manufacturing and retail figures that show low demand and constrained consumer spending

Lynley Donnelly

SA’s mining sector registered surprise growth in September, with iron ore leading the gains. But the tiny lift is unlikely to be enough to ensure the sector contributes to economic growth in the third quarter of the year, according to economists.

The data follow recent disappointing manufacturing and retail figures, which highlight the low levels of demand and constrained household spending in SA’s economy.

Mining production grew 0.2% year-on-year, Stats SA said on Thursday. This was well above the expectations of economists polled by Bloomberg, who expected production in the sector to shrink 2.4%. It also came after a revised contraction of 3% in August...

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