South Africa Industrial production July 2022

South Africa

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.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 1.8% in 2022, which is down 0.2 percentage points from last month’s estimate. For 2023, the panel sees manufacturing output growing 2.4%.


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South Africa Industrial production Chart

South Africa Manufacturing July 2022 0

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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