South Africa Industrial production October 2021

South Africa

South Africa: Manufacturing activity contracts at sharpest pace since August 2020 in October

December 9, 2021

Manufacturing output plunged 8.9% year-on-year in October (September: +0.7% yoy). October's result marked the steepest fall since August 2020. The reading reflected a broad-based downturn across the major sectors, with food and beverages, petroleum, chemical products, rubber and plastic products and basic iron and steel, non-ferrous metal products, metal products and machinery all contracting in October..

On a monthly basis, manufacturing production plummeted 5.9% in seasonally-adjusted terms in October, contrasting September’s 3.0% expansion. Consequently, the trend pointed down, with the annual average growth of manufacturing production coming in at plus 5.9%, down from September's 6.2% reading.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 2.5% in 2022, which is up 0.5 percentage points from last month’s estimate. For 2023, the panel sees manufacturing output growing 1.9%.


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South Africa Industrial production Chart

South Africa Manufacturing October 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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