South Africa: Manufacturing activity records best result on record in April
Manufacturing output rose 87.9% year-on-year in April (March: +5.2% yoy). The reading marked the best result on record; however, it was flattered by a low base effect. Looking at the details of the release, April’s pick up was broad-based, with output growth gaining traction across several sub-sectors. Notably, the production of food and beverages; petroleum, chemical products, rubber and plastic products; basic iron and steel, non-ferrous metal products, metal products and machinery; and, motor vehicles, parts and accessories expanded robustly. Meanwhile, the trend improved sizably, with the annual average variation of manufacturing production coming in at plus 1.1% in April, contrasting March’s minus 10.3% reading.
On a seasonally-adjusted monthly basis, manufacturing output fell 1.2% in April (March: +3.7% mom).