South Africa: Decline in manufacturing production softens in July
September 8, 2022
Manufacturing output slid 0.2% month-on-month in seasonally-adjusted terms in July (June: -2.0% mom). Looking at the details of the release, the milder contraction came chiefly on the back of a rebound in both textiles, clothing, leather and footwear, and motor vehicles, parts and accessories and other transport equipment output. These more than offset a sharper contraction in food production.
On an annual basis, manufacturing output increased 3.7% in July, contrasting June’s 3.4% fall and marking the best result since June 2021. Consequently, the trend improved significantly, with the annual average variation of manufacturing production coming in at minus 1.0%, up from June's minus 1.7% reading.