{"id":71627,"date":"2025-08-16T02:03:08","date_gmt":"2025-08-16T02:03:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/71627\/"},"modified":"2025-08-16T02:03:08","modified_gmt":"2025-08-16T02:03:08","slug":"africas-richest-city-on-track-to-extend-gdp-growth-streak-for-third-quarter","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/71627\/","title":{"rendered":"Africa\u2019s richest city on track to extend GDP growth streak for third quarter"},"content":{"rendered":"<p>\n        Africa&#8217;s largest economy likely grew for a third consecutive quarter, driven by rebounds in manufacturing and mining, though new U.S. tariffs threaten to derail momentum.\n    <\/p>\n<p>\n        Economists surveyed by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-15\/key-data-suggests-s-africa-gdp-grew-for-third-straight-quarter?srnd=homepage-africa\" id=\"81969869-4bd0-4e5b-a5ab-31f5835028e6\" rel=\"nofollow noopener\" target=\"_blank\">Bloomberg<\/a> between Aug. 8 and 13 forecast a 0.4% expansion in the second quarter, up from 0.1% in the previous three months.\n    <\/p>\n<p>\n        Gains in mining were supported by demand-driven commodity price increases, according to Frank Blackmore, lead economist at KPMG South Africa.\n    <\/p>\n<p>\n        The outlook darkened on Aug. 7 when U.S. President Donald Trump imposed fresh tariffs on several trading partners, including a 30% levy on South African exports, one of the steepest globally.\n    <\/p>\n<p>\n        Already burdened with one of the world\u2019s highest unemployment rates and sluggish growth, South Africa\u2019s fragile economy now faces fresh strain from newly imposed tariffs.\n    <\/p>\n<p>\n        The duties are expected to hit the automotive and agricultural sectors, potentially putting up to 30,000 jobs at risk, the trade department said.\n    <\/p>\n<p>\n        That shock could stall growth in the second half of the year and further strain the labour market, warned Jee-A Van Der Linde, senior economist at Oxford Economics. The jobless rate climbed to 33.2% in the second quarter, the highest in a year.\n    <\/p>\n<p>        Turning to China for a lifeline<\/p>\n<p>\n        In response, South Africa is moving to offset the impact of Washington\u2019s 30% export tariffs by deepening <a href=\"https:\/\/africa.businessinsider.com\/local\/markets\/south-africa-counters-us-trade-pressure-with-new-trade-deal-with-china\/5l3zv9x\" id=\"92465c6d-408f-4ba7-bb09-79062f4e8c70\" data-link-role-code=\"open_new_tab\" target=\"_blank\" rel=\"nofollow noopener\">trade ties with China<\/a>. Under a new agreement, Beijing will initially import five varieties of South African stone fruit, a deal expected to unlock a lucrative entry into one of the world\u2019s fastest-growing consumer markets.\n    <\/p>\n<p>\n        Meanwhile, subdued inflation, hovering near the lower end of the central bank\u2019s 3% to 6% target for nine consecutive months, has given policymakers room to cut interest rates by a cumulative 75 basis points to 7% in 2025. The easing has supported a 0.9% rise in retail sales for the quarter, with further reductions possible later this year.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"Africa&#8217;s largest economy likely grew for a third consecutive quarter, driven by rebounds in manufacturing and mining, though&hellip;\n","protected":false},"author":2,"featured_media":71628,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,171],"class_list":{"0":"post-71627","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/71627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=71627"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/71627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/71628"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=71627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=71627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=71627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}