South Africa: Manufacturing activity grows at fastest pace in over one-year-and-a-half in December
Manufacturing output increased 1.8% compared to the same month a year earlier in December, which contrasted November’s 4.1% decrease and marked the strongest expansion since April 2019. The upturn was largely driven by rebounding food and beverages output, while the production of motor vehicles, parts and accessories, and other transport equipment gained steam. In contrast, petroleum, chemical products, rubber and plastic products output contracted at a steeper pace compared to the previous month.
On a seasonally-adjusted monthly basis, manufacturing output fell at a more moderate pace of 0.1% in December (November: -0.6% mom). Meanwhile, the trend improved, with the annual average variation of manufacturing production coming in at minus 11.0%, up from November’s minus 11.7%.