South Africa: Manufacturing activity growth ebbs in June
Manufacturing production grew 12.5% year-on-year in June (May: +36.3% yoy). Looking at the details of the release, food and beverages production grew at a softer pace in June, while petroleum, chemical products, rubber and plastic products output swung to contraction. Additionally, motor vehicles, parts and accessories and other transport equipment output growth lost steam, while wood and wood products, paper, publishing and printing production growth moderated. Meanwhile, the trend pointed up, with annual average manufacturing output growth rising to 9.0% in June (May: 6.8%).
On a monthly basis, manufacturing output decreased 0.7% in seasonally-adjusted terms in June, a less pronounced decrease than May’s 2.0% fall.