South Africa: Manufacturing production falls at sharper pace in March
June 11, 2020
Manufacturing production declined 5.4% year-on-year in March (February: -2.3% yoy). The downturn was driven by a sharper contraction in the production of basic iron and steel, non-ferrous metal products, metal products and machinery; petroleum, chemical, rubber and plastic products; and motor vehicles, parts and accessories and other transport equipment.
On a monthly basis, manufacturing output fell at a softer rate of 1.2% in March (February: -2.6% mom). Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 1.9%, worsening from February's minus 1.3%.
Author: Almanas Stanapedis, Economist