South Africa PMI

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South Africa: PMI moderates further in May

June 5, 2015

The HSBC Purchasing Managers’ Index (PMI) inched down from 51.50 in April to 50.10 in May. As a result, the index rests just above the 50-threshold, which separates expanding from contracting conditions in business activity.

May’s slight moderation came on the back of a decrease in manufacturing output, mainly due to power outages and a lack of demand. The drop in output was the first since January. Nevertheless, total new businesses recorded an increase in May. In addition, HSBS added that, “survey respondents partly blamed ongoing power outages for the drop in activity. Another worry is the substantial decline in new export orders, which decreased at the second-strongest rate in the survey’s history despite the relatively weak rand.”

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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SouthAfrica PMI May 2015 0

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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