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.