South Africa: Manufacturing production dips in May
Manufacturing output fell 1.3% in month-on-month seasonally adjusted terms in May, which contrasted April’s 0.7% increase. Looking at the details of the release, the deterioration chiefly reflected petroleum, chemical products, rubber and plastic products production swinging to a 5.4% contraction in May. Meanwhile, food and beverages output declined at a steeper pace.
On an annual basis, manufacturing output rose 2.5% in May, which was below April’s 3.6% expansion. Still, the trend improved, with the annual average variation of manufacturing production coming in at minus 0.5%, up from April’s minus 0.8% reading.