South Africa Industry May 2017

South Africa

South Africa: Manufacturing output contracts in May

July 11, 2017

In April, manufacturing dropped 0.8% compared to the same month of the previous year. The result marked an improvement from April’s multi-year low decline of 4.2% and surprised market analysts who expected a sharper 4.5% decline. May’s print reflects an almost across-the-board decline in all components of the index with production of petrochemical productions components chiefly to blame for the monthly decline.

In a month-on-month basis, manufacturing production dropped a seasonally-adjusted 0.3% in May, contrasting the 2.3% expansion observed in April.

FocusEconomics Consensus Forecasts panelists expect manufacturing to decline 0.8% in 2017, which is down 0.5 percentage points from last month’s estimate. For 2018, the panel expects manufacturing to expand 1.0%.

Author: Jean-Philippe Pourcelot, Economist

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South Africa Industry Chart

South Africa Industry May 2017

Note: Year-on-year changes and annual average variation of manufacturing production index in %.
Source: Statistics South Africa (Stat SA) and FocusEconomics calculations.

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