South Africa: Manufacturing activity declines at softer pace in February
Manufacturing output dropped 2.1% compared to the same month of the previous year in February, which was a less pronounced contraction than January’s 4.2% decrease. February’s smaller drop was partly driven by a weaker contraction in food and beverages output, as well as in the manufacture of petroleum, chemical products, rubber and plastic products.
On a monthly basis, manufacturing output declined 1.2% in seasonally-adjusted terms in February, following January’s flat reading and marking the worst result since April 2020. Meanwhile, annual average variation of manufacturing output was 11.1% in February, mirroring January’s print.