South Africa: Manufacturing activity decreases at sharper pace in August
October 12, 2020
Manufacturing output decreased 10.8% year-on-year in August, down from the 10.2% decline logged in July.
August's downturn was primarily driven by sharper declines in the manufacture of petroleum, chemical products, rubber and plastic products, as well as in basic iron and steel, non-ferrous metal products, metal products and machinery output. Meanwhile, food and beverages output contracted at a softer pace compared to the previous month, as did the manufacture of motor vehicles, parts and accessories, and other transport equipment.
On a seasonally-adjusted monthly basis, manufacturing output rose at a more moderate pace of 3.6% in August (July: +5.9% mom). Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 11.5%, down from July's minus 10.8%.
Author: Hanna Andersson, Economist