South Africa: Manufacturing shows strength in July
A preliminary estimate showed that the manufacturing sector picked up steam in July. According to Statistics South Africa, manufacturing output grew 2.9% over the same month last year, way above expectations and up significantly from June’s revised 0.6% rise (previously reported: +0.7% year-on-year). July’s print reflected upbeat growth in the food and beverage industries, as well as the lumber-related industries. Meanwhile, the automotive industries also posted strong gains.
In month-on-month terms, manufacturing output rose by a seasonally-adjusted 1.6%, up considerably from June’s 0.2% increase. Meanwhile, annual average growth in manufacturing output climbed to 1.1% from 0.8% in June.