Growth in real gross domestic product fell to 1% in the first quarter of 2000 and 1½% in the second quarter. To a large extent this was due to a decline in the output of the primary sectors, reflecting poor climatic conditions and an over-supply of coal on international markets.
Manufacturing output was also affected by negative business sentiment related to the depreciation of the rand, the withdrawal of portfolio capital by non-residents and socio-political developments in some sub-Saharan African countries. 3  BIS Review 71/2000  As a result of these developments, the inventory accumulation moderated in the second quarter of 2000.