South Africa: Manufacturing activity rebounds in November
Manufacturing output increased 2.0% in month-on-month seasonally adjusted terms in November, which contrasted October’s 6.2% decrease. Looking at the details of the release, November’s pickup was broad-based: The petroleum, chemical products, rubber and plastic products and the basic iron and steel, non-ferrous metal products, metal products and machinery sub-sectors gained steam. Additionally, the food and beverages and the wood, wood products, paper, publishing and printing sub-sectors returned to growth in November.
On an annual basis, manufacturing production fell 1.1% in November (October: +1.0% yoy), the worst result since June. Accordingly, annual average manufacturing output growth fell to 0.1% in November (October: +0.2%), signaling a worsening trend in the manufacturing sector.