This comes with the news that Stats SA on Tuesday reported a significant increase in gross domestic product (GDP) of 4.9% for last year.
FILE: Gold was trading at $2,018. 44 an ounce late Tuesday afternoon. Photo: 123rf.com
JOHANNESBURG – With mining seen as the engine of the local economy, the price of gold recorded significant gains on Tuesday afternoon, trading near record highs.
This comes with news on Tuesday that Stats SA reported a significant increase in gross domestic product (GDP) of 4.9% for last year.
The price of gold, which is boosting the country’s mines and the resumption of GDP growth, is a positive sign at a time when unemployment is high.
Gold was trading at $2,018. 44 an ounce late Tuesday afternoon.
Stats SA said the economy grew by 1.2% in the fourth quarter of last year, while the annual growth rate fell to 4.9%.
The country’s mines are benefiting from high commodity prices which are boosting the country’s economy and job creation as operations expand.
Prices are driven by the conflict in Ukraine as investors turn to safe havens.
In addition, the manufacturing industry grew by 2.8% in the fourth quarter, contributing one percentage point to GDP growth.
Eight of the 10 manufacturing divisions recorded positive growth rates in the fourth quarter.
Petroleum, chemicals, rubber and plastic products divisions contributed the most to the increase in the fourth quarter, while other sectors such as food, beverages, textiles and apparel also contributed. progressed.
Analysts say it was hoped this would now translate into job creation as the country battles widespread unemployment.
Gold is trading at a near record high as GDP also sees an increase
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