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.