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Johannesburg - In June economic growth in the Eastern Cape rose a healthy 7.3% year-on-year, compared with 3.8% recorded in May.
This is the highest year-on-year growth for the Eastern Cape since November 2007, when 8.3% was recorded.
In June month-on-month growth also showed a surprising 2.8% increase.
According to Mike Schüssler, the compiler of the barometer, this growth is thanks to a rapid recovery in motor manufacturing. Motor manufacturing rose 27% year on year in June. In May it soared an enormous 45.2%.
The motor manufacturing figures are erratic, but the segment will continue to improve over the next few months.
The June manufacturing index rose 14.6% year on year from 12.5% in May and 10.1% in April.
Month on month, manufacturing was 1.4% up.
The erratic annual growth for motor manufacturing is reflected by the extreme swings in the manufacturing index over the past 12 months, which ranged from a 24.3% contraction in July 2009 to a 14.6% rise in June 2010. These months' growth rates vary over a massive 38.9 percentage points.
Manufacturing in the Eastern Cape in June was only overshadowed by the strong 16.5% year-on-year growth in the agricultural index.
- Sake24.com
This is the highest year-on-year growth for the Eastern Cape since November 2007, when 8.3% was recorded.
In June month-on-month growth also showed a surprising 2.8% increase.
According to Mike Schüssler, the compiler of the barometer, this growth is thanks to a rapid recovery in motor manufacturing. Motor manufacturing rose 27% year on year in June. In May it soared an enormous 45.2%.
The motor manufacturing figures are erratic, but the segment will continue to improve over the next few months.
The June manufacturing index rose 14.6% year on year from 12.5% in May and 10.1% in April.
Month on month, manufacturing was 1.4% up.
The erratic annual growth for motor manufacturing is reflected by the extreme swings in the manufacturing index over the past 12 months, which ranged from a 24.3% contraction in July 2009 to a 14.6% rise in June 2010. These months' growth rates vary over a massive 38.9 percentage points.
Manufacturing in the Eastern Cape in June was only overshadowed by the strong 16.5% year-on-year growth in the agricultural index.
- Sake24.com
