31 May '11, 11am

WRAPUP 2-S.Africa Q1 GDP beats forecasts, manufacturing shines

* Manufacturing sector surges 14.5 pct qtr/qtr * Gordhan says economy on track to grow 3.4 pct in 2011 * Market divided on start of monetary tightening (Recasts, changes lead, add GDP, analyst quotes) JOHANNESBURG, May 31 (Reuters) - South Africa's economy posted surprisingly strong quarterly growth of 4.8 percent in the first three months of this year due to a surge in manufacturing output, suggesting the recovery is gaining momentum. Finance Minister Pravin Gordhan said the economy was on track to achieve this year's GDP target growth of 3.4 percent but said he was concerned about the impact of the rumbling debt crisis in Europe. Africa's largest economy came out of recession in the third quarter of 2009 but its recovery has been slow, leading the central bank to leave its repo rate unchanged at 5.5 percent this year after reducing it by 650 basis points in the two years...

Full article: http://sg.news.yahoo.com/wrapup-1-africas-gordhan-concern...

Tweets

Money - China says manufacturing slows in May: ...

straitstimes.com 01 Jun '11, 4am

BEIJING - CHINA'S manufacturing sector expanded at the slowest pace in 10 months in May, independent data showed on Wednes...