South Africa

New vehicle sales in South Africa showed a 9.2 percent increase on the previous year by year end 2012, according to the country’s National Association of Automobile Manufacturers (Naamsa).

South Africa’s economy, the continent’s largest, grew at the slowest pace since a recession in 2009, as mining output plunged following the worst strikes since the end of apartheid.

The South African Reserve Bank will review its forecast for economic growth after Standard & Poor’s cut the nation’s credit rating and because of strikes in the mining industry.

South Africa’s sovereign rating was cut one level by Standard & Poor’s, which cited concern that a wave of strikes in the mining industry is causing political and social unrest and placing pressure on government spending.