South Africa PMI July 2018

South Africa

South Africa: PMI signals modest economy-wide contraction in July

August 3, 2018

In July, the Standard Bank Purchasing Managers’ Index (PMI) fell 1.6 points to 49.3 points, dipping below the 50.0-point threshold that distinguishes deterioration from improvement in the South African business environment for the first time in six months. July’s reading pointed to declines in both output and new orders across the private sector.

Amid weaker demand and widespread strikes, both output and new orders fell in July. In turn, employment fell, as did purchasing activity. Inflation persisted, sending both input and output prices higher—albeit at slower rates than in June. Inventories, meanwhile, fell in the month.

FocusEconomics Consensus Forecast panelists see fixed investment expanding 0.9% in 2018, which is unchanged from last month’s estimate. For 2019, the panel expects fixed investment to increase 2.1%.


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South Africa PMI Chart

South Africa PMI July 2018

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

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