Stats SA mum on recession!!! A number of commentators are asking the question - after the negative growth in GDP [for the first quarter of 2014] of minus 0.6% - are we likely to see... a recession? On the 26th of August GDP figures are to be announced and there has been speculation that South Africas economy might be heading for a second quarter of contracting real gross domestic product, widely seen as an indicator that a countrys economy is in recession. Tabled figures highlighting the sluggish recovery of South Africas mining and manufacturing sectors in the wake of the 2008/09 recession were given as an indicator by deputy director-general for economic statistics, Joe de Beer The figures were a repeat of those issued in Stats SAs last monthly release, tabled last week. They highlight the impact strikes and industrial unrest have had on the countrys mining and manufacturing sectors. Among other things, they show that between June 2012 and March this year a total of 48,000 jobs were lost in the mining sector, a decrease of 9%. Further between September 2006 and March this year, the number of employees in the manufacturing sector decreased by 14%, a total of 188,000 employees. Compiled by:- Kgomotso Mohajane
Posted on: Mon, 14 Jul 2014 11:29:34 +0000
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