South Africa: Manufacturing output contracts for the first time in nine months
The manufacturing sector shrank in June for the first time since September 2018. Manufacturing output, in annual terms, fell 3.2% following a revised 0.4% expansion in May (previously reported: +1.0% year-on-year). A sizeable contraction in petroleum, chemical products, rubber and plastic products led the downturn. Production of basic iron and steel, non-ferrous metal products, metal products and machinery; and wood and wood products, paper, publishing and printing also fell markedly.
Meanwhile, annual average growth in manufacturing output fell to 1.0% in June from 1.3% in May.
On a month-on-month basis, manufacturing output declined 1.5% in seasonally-adjusted terms (May: -1.9% month-on-month s.a.).