South Africa Industrial production December 2020

South Africa

South Africa: Manufacturing activity grows at fastest pace in over one-year-and-a-half in December

February 11, 2021

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%.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 5.9% in 2021, which is up 0.2 percentage points 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 December 20 20 0

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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