South Africa

South Africa Industrial production April 2024

South Africa: Manufacturing activity posts quickest growth since August 2021 in April

Manufacturing output grew 5.2% in month-on-month seasonally adjusted terms in April, which contrasted March’s 2.5% decrease. The print marked the best reading since August 2021. Looking at the details of the release, April’s notable rebound was largely driven by recoveries in petroleum, chemical products, rubber and plastic products—which account for roughly 25% of manufacturing output—and basic iron and steel, non-ferrous metal products, metal products and machinery production—which account for around 20% of manufacturing output.

On an annual basis, manufacturing production also rebounded strongly, rising 5.3% in April (March: -6.5% yoy), the best result since June 2023. Accordingly, annual average manufacturing production growth rose to 1.6% in April (March: +1.5%). This signals an improving trend in the manufacturing sector.

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