South Africa Industrial production May 2022

South Africa

South Africa: Decline in manufacturing activity softens in May

July 12, 2022

Manufacturing output dropped 0.2% in month-on-month seasonally-adjusted terms in May, which was an improvement from April's 5.7% decrease. Looking at the details of the release, May's improvement was broad-based. Petroleum, chemical products, rubber and plastic products and basic iron and steel, non-ferrous metal products, metal products and machinery activity rebounded from May’s contraction. Meanwhile, food and beverages production contracted at a markedly softer rate.

On an annual basis, manufacturing output fell at a more moderate rate of 2.3% in May (April: -7.6% yoy). Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at an over one-year low of minus 0.7%, contrasting April's plus 1.8%.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 4.2 in 2022, which is up 1.1 percentage points from last month’s estimate. For 2023, the panel sees manufacturing output growing 2.3%.


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South Africa Manufacturing May 2022

Note: Month-on-month changes and annual average growth of manufacturing production index in %.
Source: Statistics South Africa (Stats SA) and FocusEconomics calculations.


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