South Africa: Mild decline in manufacturing production steady in December
Manufacturing production output fell 0.1% in year-on-year terms in December, which matched November’s decrease. The reading reflected declining activity in the food and beverages, and in the basic iron and steel, non-ferrous metal products, metal products sub-sectors. Meanwhile, wood and wood products, paper, publishing and printing expanded at a more moderate pace.
On a monthly basis, manufacturing production grew 2.3% in seasonally-adjusted terms in December, moderating from November’s 4.9% increase. Consequently, annual average manufacturing production inched down to 6.4% in December (November: +6.5%). This signals a deteriorating trend in the manufacturing sector.