Nationally, mining activity increased by a marginal 0,3% year-on-year in August. Manganese ore, platinum group metals and chromium ore were the largest drivers of growth. Nickel and copper also recorded a good month.
Retail trade was also positive, rising by 3,2% year-on-year. Six of the seven retail groups registered robust results, with general dealers driving much of the upward momentum.
On the downside, manufacturing was weaker by 1,2%, with five of the ten manufacturing divisions recording a decline in activity. The automotive and iron, steel & machinery divisions were the largest drags on overall growth.
Consumer inflation records a fourth consecutive decline
Annual consumer inflation cooled further in September to 3,8%, the lowest rate since March 2021 (3,2%). Transport entered deflationary territory, mainly dragged lower by softer fuel prices.
Annual food & non-alcoholic beverages inflation was more stubborn, unchanged from August. Vegetables, fruit, cold beverages and fish recorded higher inflation rates in September, while lower annual rates were recorded for hot beverages; meat; bread & cereals; sugar, sweets & desserts; and oils & fats.
Public-sector infrastructure spending is up for a second straight year
Stats SA also publishes data on capital expenditure from South Africa’s 749 public-sector institutions, which includes public corporations; national, provincial and local government; extra-budgetary accounts and funds; and higher education institutions. The latest data from 2023 shows public-sector capital spending rising for a second consecutive year to R233 billion, driven mainly by public corporations. Eskom was the largest spender, accounting for R39 billion (or 17% of the total).
Despite the two-year upswing, public-sector capital expenditure remains below the 2016 peak of R283 billion.