South Africa: Manufacturing production rebounds in August
Manufacturing output expanded 1.8% in year-on-year terms in August, which contrasted July’s 4.8% decrease. The notable turnaround was largely driven by a notable rebound in food and beverages production. In addition, motor vehicles, parts and accessories, and other transport equipment output accelerated. Meanwhile, petroleum, chemical products, rubber and plastic products production continued to fall at a sharp, albeit softer, pace.
On a seasonally-adjusted monthly basis, manufacturing output rose 7.6% in August (July: -8.4% mom), the best result since June 2020. Accordingly, annual average manufacturing production growth rose to 5.8% in August (July: +4.5%), signalling an improving trend in the manufacturing sector.