South Africa: Manufacturing activity deteriorates in June
Manufacturing output slid 1.5% in month-on-month seasonally-adjusted terms in June, which contrasted May’s 0.2% increase. Looking at the details of the release, June’s deterioration was primarily driven by a fall in petroleum, chemical products, rubber and plastic products output. In addition, basic iron and steel, non-ferrous metal products, metal products and machinery output lost pace.
On an annual basis, manufacturing production fell at a more pronounced rate of 3.5% in June (May: -1.8% yoy) Consequently, the trend pointed down, with the annual average variation of manufacturing production coming in at an over one-year low of minus 1.8% in June, down from May’s minus 0.6% reading.