South Africa

South Africa PMI February 2024

South Africa: PMI shows improvement despite supply challenges

The S&P Global South Africa Purchasing Managers’ Index (PMI) improved to 50.8 in February from 49.2 in January. As a result, the index moved above the 50.0 no-change threshold—for the first time in six months—and signaled an improvement in private-sector operating conditions compared to the previous month.

February’s upturn was driven by stabilizing new business volumes, which led to an increase in staffing and purchasing levels—the first rise in six months—particularly in the industry sector. Moreover, the decline in output was only marginal. That said, supply-side challenges persisted, such as extended delays due to the Port of Durban crisis, which impacted business capacity and contributed to increased shipping and materials costs. As a consequence, purchase price inflation accelerated for the first time in seven months. However, selling prices rose at the slowest rate since December 2020. Lastly, businesses’ optimism rose to a seven-month high, driven by improving demand conditions and hopes for easing supply-side pressures.

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