South Africa: Manufacturing contracts in December
February 9, 2017
Manufacturing production fell by 2.0% year-on-year in December, contrasting the revised 2.0% increase (previously reported: +1.9% yoy) recorded in November and coming in below market expectations. According to Statistics South Africa, December’s disappointing reading was mainly due to a fall in the production of food and beverages, along with a contraction in petroleum production.
On a monthly basis, manufacturing output increased 0.3% in seasonally-adjusted terms in December, unchanged from a month earlier. Annual average growth fell slightly to 0.8% from 1.0% in November.
Author: Christopher Thomas, Economist