South Africa: Manufacturing activity records largest drop in over one year in October
Manufacturing output collapsed 6.3% in month-on-month seasonally adjusted terms in October, which contrasted September’s 5.0% increase. October’s result marked the worst reading since July 2021. Looking at the details of the release, food and beverages output swung to contraction, plunging over 10%. Additionally, wood and wood products, paper publishing and printing production declined sharply.
On an annual basis, manufacturing production rose at a more moderate pace of 1.0% in October (September: +2.9% yoy). Still, the trend improved, with the annual average variation of manufacturing production coming in at plus 0.2%, contrasting September’s minus 0.8%.