. . . . mining, manufacturing exceed forecasts in October

SOUTH African mining and manufaca chronic electricity shortage took their toll.turingproductionrosebymorethan expected in October in rare positive Manufacturing, whose weight is more news for an economy battling shortcomthan twice that of mining in the South ings at its state-run power and logistics African economy, saw production rise utilities. 2,1 percent in October from a year ear

Mining production climbed 3,9 percent lier, compared with expectations for a 1,7 October from a year earlier after shrinkpercent gain. ing 1,9 percent in September. That beat Strong contributions from the petroforecasts for a 1,2 percent gain, according leum, chemical, rubber and plastic prodto the median estimate of six economists ucts category helped, as did gains in motor surveyed by Bloomberg. vehicles, parts and accessories.

The advance was led by a 16,9 percent Base-effect comparisons with October jump in production of platinum group 2022 — when a strike at state rail and port metals. company Transnet disrupted businesses —

The upsurge “sets a favourable starting also boosted the figure, said Lara Hodes, point for the final quarter of this year and an economist at Investec Bank. lowers the odds of an economic recession,” “Despite October’s result, the sector Jee-A van der Linde, senior economist at remains lackluster,” she wrote, pointing Oxford Economics, wrote in a note, while to recent muted readings on South African warning that port congestion and power business confidence. outages are a threat. “Subdued global conditions and the myr

The country’s economy shrank in the iad of domestic challenges also continue third quarter as logistics constraints and to impede manufacturing.” — Bloomberg