South Africa: Manufacturing production records largest decrease in six months in April
Manufacturing output collapsed 5.4% month-on-month in seasonally-adjusted terms in April (March: +0.3% mom). The reading reflected a broad-based downturn across the major sectors, with petroleum, chemical products, rubber and plastic products, food and beverages and basic iron and steel, non-ferrous metal products, metal products and machinery all contracting in April.
On an annual basis, manufacturing output plummeted 7.8% in April, which was significantly below March’s 0.6% fall. Consequently, the trend pointed down, with the annual average growth of manufacturing production coming in at 1.8%, down from March’s 7.0% reading.