South Africa: Manufacturing gains muted in December

A preliminary estimate showed an ailing manufacturing sector in December. According to Statistics South Africa, manufacturing output rose by a meager 0.1% over the same month a year earlier, down from November’s revised 1.3% climb (previously reported: +1.6% year-on-year). Despite upbeat gains in the motor vehicle, and food and beverage industries, losses in the petrochemical, and metal products and machinery industries dragged on the headline reading.

In month-on-month terms, manufacturing output rose 0.7% in seasonally-adjusted terms (November: +0.4% month-on-month s.a.). Meanwhile, annual average growth in manufacturing output ticked down to 1.1% from November’s 1.3%.

South Africa Manufacturing Output Forecast

FocusEconomics Consensus Forecast panelists expect manufacturing output to increase 1.5% in 2019, which is unchanged from last month’s forecast. For 2020, the panel expects manufacturing output to increase 2.1%.