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.