South Africa’s Q2 GDP growth boosted by stronger manufacturing
South Africa’s manufacturing sector grew 8.1% which contributed 1 percentage point to overall growth with higher production for petroleum products, chemicals as well as cars and other transport equipment. The mining sector, meanwhile, expanded 11.8% following an 18.1% contraction in the previous quarter.
The stronger growth figures may strengthen the country’s central bank’s hand, the South African Reserve Bank, to increase its main repo rate beyond 7% to help fight persistently high inflation. However, recent political concerns stemming from an investigation into the country’s Finance Minister Mr. Gordhan blur the economic outlook for the second half of the year.
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