South Africa PMI August 2022

South Africa

South Africa: Business conditions improve at softer pace in August

September 5, 2022

The S&P Global Purchasing Managers’ Index (PMI) fell to 51.7 in August from July's 52.7. As such, the index moved closer to, but remained above, the 50.0 no-change threshold. This points to a continued, albeit moderating, improvement in business conditions from the previous month. August’s downturn was chiefly due to output growth moderating to a three-month low. Customers tempered their purchasing due to concerns over a global slowdown. New orders also grew at a more moderate pace, but despite the slowdown, firms onboarded more staff in August. Regarding prices, input costs rose at a slower pace in August, which resulted in output charges growing at their softest pace since January. Lastly, the optimism of firms hit a six-month high during the month.

FocusEconomics Consensus Forecast panelists see fixed investment growing 4.6% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, the panel sees fixed investment expanding 3.7%.


Author:, Economist

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South Africa PMI Chart


South Africa PMI August 2022

Note: S&P Global Purchasing Managers’ Index (PMI). Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global.


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