South Africa: Manufacturing production expands at fastest pace since in nearly two years in March due to low base effect
Manufacturing production expanded 4.6% year-on-year in March (February: -2.5% yoy). March’s print marked the best result since April 2019; however, it was partly flattered by a low base effect. Looking at the details of the release, activity in the food and beverages and motor vehicles, parts and accessories and other transport equipment sub-sectors expanded robustly in March. Meanwhile, the trend improved, with the annual average variation of manufacturing production coming in at minus 10.3%, up from February’s minus 11.1%.
On a monthly basis, manufacturing output rose 3.4% in seasonally-adjusted terms in March, contrasting February’s 1.1% fall and marking the best result since August 2020.