South Africa Industrial production May 2021

South Africa

South Africa: Manufacturing production growth moderates in May

July 12, 2021

Manufacturing production rose 35.3% year-on-year in May (April: +88.1% yoy), partly reflecting a low base effect. Looking at the details of the release, food and beverages production growth softened in May, and petroleum, chemical products, rubber and plastic products output growth also lost steam. Moreover, the trend improved, with the annual average growth of manufacturing production coming in at plus 6.7%, up from April's 1.1%.

On a seasonally-adjusted monthly basis, manufacturing production fell at a quicker rate of 2.6% in May (April: -1.2% mom), the worst result since April 2020.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 7.1% in 2021, which is up 0.9 percentage points from last month’s estimate. For 2022, the panel sees manufacturing output growing 2.2%.


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South Africa Industrial production Chart

South Africa Manufacturing May 2021

Note: Year-on-year changes and annual average growth of manufacturing production index in %.
Source: Statistics South Africa (Stats SA) and FocusEconomics calculations.

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