South Africa

South Africa PMI March 2024

South Africa: PMI decline signals economic deterioration in March

The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 48.4 in March from 50.8 in February. As a result, the index moved below the 50.0 no-change threshold and signaled a deterioration in private sector operating conditions compared to the previous month.

March’s downturn was primarily driven by the sharpest drop in new order volumes in over two years: Stronger price pressures, load shedding, drought conditions and high uncertainty dampened customer demand. Lower sales and production constraints led to a notable reduction in private sector output despite continued expansions in staffing and inventories. Firms also reported easing supply-side delays, particularly noting improvements in the Durban port crisis, which contributed to better supply chain management.

March saw higher purchase and staff cost inflation, driven by increased supplier charges, higher fuel prices, and salary hikes. As a result, selling charges rose at the steepest pace since October 2023. Lastly, firms reported their lowest expectations for future output in three months, though business sentiment remained strong overall.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest