Platinum helps lift SA manufacturing 1st June 2005
South Africa's mining sector has bucked a slowdown in economic growth and a contraction of the manufacturing sector during the first quarter of 2005.
The sector, which accounts for about 16.4 per cent of gross domestic product, grew by 9.1 per cent, lifted by the production of non-gold minerals, such as platinum.
Analysts suggested that the manufacturing sector would recover and the economy could still reach a government forecast for growth of 4.3 per cent this year, helped by strong mining industry performance.
"While growth has lost some momentum, it still remains reasonably strong. These numbers are not necessarily a case for further rate cuts," Adenaan Hardien, economist at African Harvest Fund Managers, told Reuters news agency.
On an unadjusted basis, the South African economy grew by 4.2 per cent compared with the same quarter last year, down from 4.7 per cent in the fourth quarter of 2004.

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