South Africa: Manufacturing production declines at softer rate in June
Manufacturing output dropped 16.3% compared to the same month a year earlier in June, which was above May’s 32.4% decrease. Looking at the details of the release, food and beverages output fell at a more moderate pace in June, as did petroleum, chemical products, rubber and plastic products output. Moreover, the manufacture of motor vehicles, parts and accessories, and other transport equipment declined at a slower rate compared to the previous month.
On a seasonally-adjusted monthly basis, manufacturing output rose at a more moderate pace of 16.8% in June (May: +30.4% mom). Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 10.1%, down from May’s minus 9.1%.