in November, marking the 10th consecutive month of decline in production and following a 10.4% slump in October. The last time the mining sector recorded annual growth was in January last year.
The 18.65% tariff increase that the National Energy Regulator of South Africa recently granted Eskom will see the mining industry’s electricity costs rise by R13.5 billion or 33.7% to R53.5 billion by the end of 2024, according to theElectricity will make up about 12.5% of mining costs by the end of 2024 from about 9% now, the council said in a statement.
A recent Stats SA report showed that manufacturing production fell by 1.1% in November — during another period of record levels of load-shedding — compared with the same month the previous year. Manufacturing was a significant positive contributor to the 1.6% growth in GDP in theInvestec chief economist Annabel Bishop said an economy cannot not function to its full potential with insufficient electricity supply.
A recession is a significant, widespread and prolonged downturn in economic activity, technically illustrated by two consecutive quarters of negative GDP growth.
Well done to the New Dawn
You are happy, never raised peoples concerns about loadshedding
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