Manufacturing data pointing to the dire state of the economy added to pressure for ministers to find solutions to the country’s jobs and growth crisis.
The start of a two-day cabinet lekgotla on Tuesday coincided with the release of Stats SA data showing that manufacturing production contracted in the first quarter.
Mining and retail numbers due next week may provide a clearer picture, probably killing off any prospect of SA meeting President Cyril Ramaphosa’s already ambitious target of 3% growth for 2018 — which is well above the predictions of the Treasury and the Reserve Bank. ….more