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Weak mining is bad news for our economy

For the first time in about a century, the contribution of mining to gross domestic product (GDP) is below 5 percent, Mike Schussler, the chief economist at Economists.co.za, tells Independent Online. He adds that in 1960, mining made up nearly 23.6 percent of value added by industry and about 21 percent of GDP.

31 May 2012

In an economy built on mining, the sector's annualised decline of nearly 17 percent, in the first quarter this year, is an ominous sign.

Many industries sell their products and services into mining, Schussler says, pointing out that - unsurprisingly, employment numbers in mining are also about 20 percent less than in 1962. Many of the influences on the mining sector originate abroad, where debt problems in crippled European economies are infecting countries around the world, Independent Online reports, but some of the negative inputs are home-grown. Schussler mentions strikes which "played havoc" in the platinum sector in the first quarter, while gold production was lower and coal, gold and platinum prices fell.

Read the full article on www.iol.co.za.