Flash Notes
Mining output experiences a setback in August
Mining production (not seasonally adjusted) marginally contracted by 0.2% y/y in August after expanding by an upwardly revised 5.1% y/y (previously 4.4% y/y) in July. The outturn was weaker than Bloomberg consensus expectations of a 1.7% y/y increase. Seasonally adjusted mining output, which is critical for quarterly GDP growth calculations, decreased by 1.2% m/m, reversing the 1.2% (previously 1.0%) monthly gain in July. In the three months to August, mining output was up by 3.3%, highlighting continued sectoral support for 3Q GDP growth, albeit likely to a lesser extent than what played out in 2Q25.
14 October 2025
