There are still many problems in the ANC, so I cannot join you, unfortunately. [Laughter.]
The principles that we need to adhere to in respect of this statistical information are quite clear. It needs transparency, accountability and it needs to have independence when it comes to statistical information.
This is also a prerequisite to policy development and decision-making in government. With regard to these principles, they need always to be independent, and this needs to be upheld by Statistics SA. It can really work in the case of valuable information, as you presented.
Thank you also for your commitment to the National Development Plan, NDP. As my colleague hon Michael Cardo so eloquently alluded to here today, there should be no debate regarding the value of the NDP and the immediate implementation of it.
It is unfortunate that in the Standing Committee on Finance we are facing grave problems. With regard to the economic reality in South Africa, it is quite clear that our growth and our progress - and this is the truth - have stalled and that our economy is not moving fast enough to create the necessary jobs that we need to create for the people of South Africa.
Currently, South Africa faces weak economic growth with the economy contracting in the first quarter, and economic growth this year likely to come in at well below 2%. We do not have a figure from the Minister of Finance, as I alluded to this morning.
This figure will only be provided in the Medium-Term Budget Policy Statement, MTBPS. That figure will be very important as we expect it to be even lower than 2%. This is much, much lower than in the rest of Africa where we saw economies blooming and, to a certain extent, on average reaching 5,5%. Those are the issues that we need to address and address them in the way that the DA will suggest. We will offer some proposals in respect of a structural reform.
South Africa faces deficits on the current account and we also face deficits on the budget account - 4,2% I believe. The twin deficits have parachuted South Africa into a very fragile corner. In this downturn of economic growth, this is what triggers demand for quality statistical information to guide us in meeting the objectives of the NDP. I hope that my colleagues take note of this, because this is what we need to do - to address the structural reforms.
The results of Statistics SA in regard to a sluggish recovery in our economy, with reference specifically to the mining and manufacturing sectors, should allow parties to read from the same fact sheet. We have the same facts, but we should just agree on when we start implementing the NDP.
In a recent document by the SG, it was revealed that the first quarter of 2014 saw the mining sector shrink to 24,7% as a result of the strike on the platinum belt and the manufacturing sector by 4,4% in the first quarter. This is worrying, because as we speak, we are currently into the third week of a strike in the manufacturing sector - and I hope that the hon Ollis will agree with me that the strike began in the sector when they were already in negative growth.
If this metal workers' strike continues and spreads to other sectors, as the National Union of Metalworkers of South Africa, Numsa, has indicated is its intention, the possibility of even slower growth mounts. That could be very serious for our country. This, together with increasing inflationary pressure, may well drive our economy into stagflation.
The Governor of the SA Reserve Bank is also concerned about the position. On Friday, when she announced the 25 basis points with regard to the repo rate, right now at 5,75%, she also cited labour disruptions and weakness in the mining and manufacturing sectors, among other conditions, which are of significant concern. This also speaks to your concern.
The Governor also said that we would not experience a second quarter of negative growth if the current strike in the manufacturing sector is resolved swiftly. I think that is where the focus should be.
The DA, of course, has a profound offer to make. Make sure that the labour laws support job creation by achieving a balance between the protection of workers' rights and the need for labour market flexibility.