Mining production fell 5.4% year on year in May 2026, according to Stats SA.
South Africa’s economy hit a speed bump in the second quarter of 2026 after entering the year with considerably stronger momentum.
The South African Reserve Bank’s composite leading business cycle indicator fell 1.6% quarter-on-quarter in the second quarter of the year, according to Investec chief economist Annabel Bishop.
“The decline followed a particularly strong first quarter, when the indicator reached its highest level since the post-COVID-19 lockdown recoveries, Bishop noted, with gross domestic product (GDP) coming in at 0.5% in the first quarter and data for the second quarter due on 8 September.
The slowdown is reflected across several parts of the economy. Statistics South Africa’s latest economic wrap shows mining production fell 5.4% year-on-year in May, dragged down particularly by iron ore, coal and platinum group metals.
