South Africa

South Africa PMI January 2024

South Africa: PMI rises in January

The S&P Global South Africa Purchasing Managers’ Index (PMI) improved to 49.2 in January from 49.0 in December. As a result, the index remained below the 50.0 no-change threshold but signaled a softer deterioration in private-sector operating conditions compared to the previous month.

January’s improvement chiefly reflected a slower contraction in business activity, supported by an uptick in services output. Moreover, employment fell at the softest pace in three months. Meanwhile, delivery times lengthened due to supply-side disruptions—largely due to the Durban port crisis. Less positively, January saw a significant drop in new orders—the steepest in a year. Weak economic conditions, dwindling client purchasing power, soft global demand and shipping disruptions drove the deterioration.

Turning to prices, purchase price inflation eased again, and selling charges rose only modestly. Lastly, despite the challenges, businesses were hopeful for a near-term recovery and expected an improvement in economic conditions in 2024, with sentiment climbing to a six-month high.

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