South Africa Industrial production November 2021

South Africa

South Africa: Decline in manufacturing production softens in November

January 11, 2022

Manufacturing output fell 0.7% in year-on-year terms in November, which was markedly softer than October's 8.5% decrease. The reading reflected a broad-based improvement, with activity in the food and beverages and basic iron and steel, non-ferrous metal products, metal products and machinery sub-sectors returning to growth in November. Meanwhile, petroleum, chemical products, rubber and plastic products activity declined at a softer pace. Lastly, wood and wood products, paper, publishing and printing gained steam.

On a monthly basis, manufacturing production grew 3.7% in seasonally-adjusted terms in November, rebounding from October’s 5.2% fall. Still, annual average manufacturing production growth rose to 6.5% in November (October: +5.9%). This signals an improving trend in the manufacturing sector.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 2.8% in 2022, which is up 0.3 percentage points from last month’s estimate. For 2023, the panel sees manufacturing output growing 2.3%.


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South Africa Industrial production Chart

South Africa Manufacturing November 2021

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

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