South Africa: Manufacturing production rebounds in August
Manufacturing output increased 0.5% in month-on-month seasonally adjusted terms in August, which contrasted July’s 1.7% decrease. Looking at the details of the release, August’s notable pickup was largely due to a strong rebound in basic iron and steel, non-ferrous metal products, metal products and machinery products production. In addition, food and beverages production contracted at a slower pace.
On an annual basis, manufacturing output rose at a softer pace of 1.6% in August (July: +2.2% yoy), the weakest result since March. Accordingly, annual average manufacturing production growth fell to 0.1% in August (July: +0.2%), signaling a worsening trend in the manufacturing sector.