Economic growth slows on sluggish mining

On a year-on-year basis, growth was, however, stagnant as the economy grew at the same rate as the one recorded in the same quarter of 2015. “The slow growth in real GDP was attributed to real mining value added, which decreased by 13.8% in the second quarter of 2016 compared to a decline of 8.2% registered in the same quarter of the previous year.

In the quarter under review, copper and nickel and diamond production decreased by 26.6% and 12.1% respectively.  It should also be noted that Mowana and Thakadu copper mines have been on provisional liquidation starting from the fourth quarter of 2015 to date,” SB stated.