Mining

South Africa: Mining’s Contribution to Economy Dropped 8% in 2023, First Drop since 2015

South Africa: Mining’s Contribution to Economy Dropped 8% in 2023, First Drop since 2015
Wednesday, 28 August 2024 19:11

As the most industrialized country in Africa, South Africa has a diverse mining sector crucial to its economy. However, in recent years, the industry has faced challenges related to electricity supply and transportation of mining products.

Mining contributed 444.2 billion rand ($25 billion) to South Africa’s economy in 2023, down 8.1% YoY. The contribution represents 6.3% of SA’s GDP, against 7.3% in 2022, according to a report from the Minerals Council published this month.

The Council attributes the slump to lower production and falling prices for some raw materials in global markets. The drop in production is partly due to ongoing logistical and energy issues in South Africa.

As a result, mineral sales decreased by 10.3% year-on-year, marking the first annual decline since 2015 and the largest drop since 2009. Mineral exports also fell by 11.4% year-on-year to 780.7 billion rand ($43.8 billion) in 2023. 

1it

Minerals sales evolution since 2000

Despite these challenges, the mining sector's contribution to employment increased by 2.1%, reaching 479,228 workers in 2023. However, this growth masks job losses in the gold and manganese sectors.

On the same topic
Ghana faces strain on its electricity network due to about 1,000 overloaded transformers. Authorities plan large-scale replacement and capacity...
Japan grants up to $13.5 million under carbon scheme Project supports renewables target of 35% by 2030 Tunisia will host a 130-MW...
Turaco raises Afema gold resource to 4.65Moz from 4.06Moz Update adds Herman deposit, expands existing site resources Upgrade supports...
Nigeria authorizes export of 5.2 million clean cooking carbon credits Credits will be sold internationally under the CORSIA aviation...
Most Read
01

Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...

Togo Passes Law to Criminalize Counterfeiting of West African CFA Franc
02

Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...

Airtel Africa and Deloitte: A Seven-Year Relationship, $37 Million in Fees and a Planned Handover
03

CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...

Strengthening the Business Climate in WAEMU Countries: CCR-UEMOA Reviews Its Midterm Record
04

World Bank announces $137 million to boost West Africa digital economy Program expands broad...

Benin, Liberia and Sierra Leone Receive $137M to Expand Digital Access for 5.2 Million People
05

ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...

ECOWAS Considers Regional Platform to Enforce Air Passenger Compensation
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.