Economic data gives some reason for Christmas cheer
Figures released by Statistics South Africa this week revealed a mixed bag for the South African economy.
There is more good than bad as the festive season moved into full swing.
Although mining production decreased by 7.7% year on year in October 2012 and retail sales displayed only 1% growth during the same period, data showed employment figures were 1% higher than they were during the same period last year. Manufacturing production also increased by 2.5% between October 2011 and October 2012.
Quarterly financial statistics showed the total turnover of all industries for the third quarter of 2012 increased by 3.6% to an estimated R1.6-trillion. The annual inflation rate remained steady at 5.6% in November as, on average, prices increased by 0.2% between October and November this year.