South Africa PMI

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South Africa: PMI inches up in February

March 5, 2015

The HSBC Purchasing Managers’ Index (PMI) inched up from 49.80 in January to 50.00 in February. January’s figure had marked a six-month low. As a result of the monthly increase, the index is now at the 50-threshold, which separates expanding from contracting conditions in business activity.

February’s increase came mainly on the back of an increase in manufacturing. According to HSBC, “February’s survey results send mixed signals about the health of South Africa’s private sector economy. […] It will be interesting to see how households will react to the government’s plans of raising the personal income tax by 1% and cutting spending by 25bn rand over the course of the next two years.”

FocusEconomics Consensus Forecast panelists see investment rising 3.3% in 2015, which is up 0.1 percentage points from the previous month’s estimate. For 2016, the panel expects industrial production to increase 2.9%.


Author:, Senior Economist

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South Africa PMI Chart


SouthAfrica PMI February 2015

Note: HSBC Purchasing Managers’ Index. Readings above 50 indicate an improvement in business conditions while readings below 50 point to a deterioration.
Source: HSBC


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