Mining production declines year-on-year in August

Mining production remained in contractionary territory in August, declining at a softer pace of 5.9% year-on-year compared with the 8.2% year-on-year contraction in July, new data published by Statistics South Africa shows. Commenting on this, Nedbank’s Group Economic Unit said that, although this was the softest contraction observed so far this year, production remained dismal relative to 2021, weighed down by deteriorating domestic and global economic conditions.