South Africa: Manufacturing output nosedived in April
May 11, 2017
In April, manufacturing plunged 4.1% compared to the same month of the previous year. The result, coming in below market analysts’ expectations of a softer 1.6% contraction, contrasted March’s modest 0.4% increase and marked the worst result since July 2014. April’s print reflects an almost across-the-board drop in all components of the index with car production and production of petrochemical productions components chiefly to blame for the steep decline.
In a month-on-month basis, manufacturing production expanded a seasonally-adjusted 2.3% in April, contrasting the 0.4% decrease observed in March.