South Africa

South Africa Industrial production January 2024

South Africa: Manufacturing production bounces back in January

Manufacturing output expanded 0.8% in month-on-month seasonally adjusted terms in January, which contrasted December’s 1.3% decrease. Looking at the details of the release, the turnaround was driven by basic iron and steel, non-ferrous metal products, metal products and machinery output returning to growth. Moreover, growth in petroleum, chemical products, rubber and plastic products output accelerated. These positive developments outweighed a fall in food and beverages production.

On an annual basis, manufacturing output rose at a faster rate of 2.6% in January (December: +1.3% yoy). Accordingly, annual average manufacturing production growth rose to 1.0% in January (December: +0.5%). This signals an improving trend in the manufacturing sector.

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