South Africa: Manufacturing contracts in October
December 9, 2015
In October, manufacturing production dropped 2.1% over the same month last year, which contrasted the 1.2% increase seen in the previous month. October’s decrease was mainly driven by contracting output in textiles, clothing, leather and footwear.
On a monthly basis, manufacturing output fell 1.8% in seasonally-adjusted terms, which contrasted the 2.4% increase tallied in September. Moreover, annual average growth in industrial production dropped from a 0.3% increase in September to a flat reading in October, thus hitting a four-month low.
Author: Dirina Mançellari, Senior Economist