South Africa Industrial production February 2022

South Africa

South Africa: Manufacturing production growth wanes in February

April 11, 2022

Manufacturing output rose 0.2% in year-on-year terms in February, which was a deterioration from January's 2.0% increase. The figure was largely due to softer food and beverages production growth, while motor vehicles, parts and accessories, and other transport equipment declined at a sharper rate. Lastly, wood and wood products, paper, publishing and printing dropped to a contraction in February.

On a monthly basis, manufacturing output dropped 1.1% in seasonally-adjusted terms in February, contrasting January’s 2.0% expansion. Still, annual average manufacturing output growth rose to 7.4% in February (January: +7.1%), signaling an improving trend in the manufacturing sector.

FocusEconomics Consensus Forecast panelists project manufacturing output to expand 3.4 in 2022, which is up 0.4 percentage points from last month’s estimate. For 2023, the panel sees manufacturing output growing 2.6%.


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South Africa Industrial production Chart

South Africa Manufacturing February 2022

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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