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Mining Slump Slams South Africa Print E-mail
by Tom McGregor    Tue, May 27, 2014, 09:10 PM

Striking mining workers are destroying the South African economy.

The BBC News reports that, "South Africa's economy shrank by an annualised rate of 0.6% in the first three months of the year, the worst quarterly performance in five years, official data has shown."

Razia Khan at Standard Chartered Bank is quoted as saying that, "Mining, hit by protracted industrial unrest, fell almost 25% on an annualised basis. Manufacturing was down 4.4%."

According to the BBC, "The contraction, which was bigger than analysts expected, was largely due to a slump in mining activity, the figures from Statistics South Africa showed."

South Africa is facing a grim future.

To read the entire article from the BBC News, link here:

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