South Africa: Manufacturing activity grows at fastest pace in seven months in August
Manufacturing output expanded 2.1% month on month in seasonally adjusted terms in August (July: -0.1% mom). August’s figure marked the best reading since January. Looking at the details of the release, the notable turnaround came on the back of rebounds in petroleum, chemical products, rubber and plastic products, and in food and beverages production.
On an annual basis, manufacturing production rose at a softer pace of 1.4% in August (July: +3.9% yoy). Still, the trend was unchanged, and annual average of manufacturing output was 1.0% in August, mirroring July’s figure.