South Africa: Manufacturing activity declines in January
Manufacturing output declined 3.4% compared to the same month a year earlier in January, which contrasted December’s 1.9% increase. Looking at the details of the release, January’s downturn was largely driven by a fall in food and beverages output. In addition, the manufacture of petroleum, chemical products, rubber and plastic products also contracted.
On a seasonally-adjusted monthly basis, manufacturing output rose at a more moderate pace of 0.5% in January (December: +0.6% mom). Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 11.1% in January, down from December’s minus 11.0%.