South Africa: Manufacturing output falls at a softer rate in October
Manufacturing output fell 0.2% in month-on-month seasonally adjusted terms in October, which was above September’s 0.8% decrease. Looking at the details of the release basic iron and steel, non-ferrous metal products, metal products and machinery output was flat, improving from the prior month’s fall, and textiles, clothing, leather and footwear output fell at a slower pace in October.
On an annual basis, manufacturing output expanded 2.1% in October (September: -4.1% yoy). Moreover, the trend improved, with the annual average variation of manufacturing production coming in at 0.4% in October, up from September’s minus 0.5% reading.