South Africa: Manufacturing production returns to growth in May
Latest reading: Manufacturing production increased 1.1% in seasonally adjusted month-on-month terms in May, following a 2.6% fall in the previous month.
Relative to the prior month’s figures, readings in May improved for petroleum, chemical products, rubber and plastic products (+4.0% on a seasonally adjusted month-on-month basis vs +0.1% in April), food and beverages (-0.6% vs -3.6% in April) and basic iron and steel, non-ferrous metal products, metal products and machinery (+1.6% vs -4.6% in April). In contrast, the reading for wood and wood products, paper, publishing and printing softened in May (0.0% vs +1.8% in April).
In annual terms, manufacturing output declined 4.3% in May, following a 2.9% decline in the prior month.