South Africa: Growth in manufacturing output slows in February
April 11, 2018
According to a preliminary estimate released by the Statistical Institute on 11 April, year-on-year manufacturing production slowed from a revised 2.3% expansion in January (previously reported: +2.5% year-on-year) to a 0.6% increase in February. February’s print reflected slower growth in key components including the manufacture of food and beverages; and declines in the production of petroleum, chemical products, rubber and plastic products, and wood and wood products, paper, publishing and printing.
In month-on-month terms, manufacturing production contracted 2.4% in February, a sharper decline than the 1.6% drop observed in January (previously reported: +1.7% year-on-year).
Lastly, annual average manufacturing production improved from minus 0.4% in January to a flat reading in February, the best print since May 2017.
South Africa Manufacturing Forecast
FocusEconomics Consensus Forecast panelists expect manufacturing to rise 1.0% in 2018, which is up 0.1 percentage points from last month’s estimate. For 2019, the panel expects manufacturing to expand 1.3%.