South Africa Industrial production January 2021

South Africa

South Africa: Manufacturing activity declines in January

March 11, 2021

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%.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 5.9% in 2021, which is unchanged from last month’s estimate. For 2022, the panel sees manufacturing output growing 2.6%.


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South Africa Industrial production Chart

South Africa Manufacturing January 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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