By Thebe Mabanga
Nedbank, one of South Africa’s leading commercial banks, expects the country’s GDP to rebound in the second quarter, supported by stronger mining and manufacturing output.
In a research note released on Monday, the bank projected GDP growth of 0.6% in Q2, up from 0.1% in the first quarter, ahead of Statistics South Africa’s official figures due next Tuesday.
According to Nedbank, mining and manufacturing staged a recovery in the second quarter, aided by more stable electricity supply, logistical improvements, steady global demand, and firmer domestic conditions. Mining output rose 3.9% quarter-on-quarter, reversing a 4.1% contraction in the first quarter.
“Manufacturing production increased by 1.6%, its strongest quarterly gain since Q2 2023. Growth was broad-based, with seven of the ten manufacturing divisions expanding,” the bank noted.
Agriculture, meanwhile, is expected to have moderated after a strong start to the year, when it was a key driver of
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