South Africa: Manufacturing production contracts at a softer pace in October
Manufacturing output fell 0.8% year-on-year in October, following September’s 2.4% drop. The softer contraction reflected faster growth in food and beverage output, as well as more moderate falls in production of petroleum, chemical products, rubber and plastic products, and of basic iron and steel, non-ferrous metal products, metal products and machinery.
Meanwhile, annual average growth in manufacturing output was flat in October, down from 0.3% in September and marking the worst result since March 2018.
On a month-on-month basis, manufacturing output rebounded by 2.7% in seasonally-adjusted terms in October, contrasting a 2.4% contraction in the previous month.