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South Africa Manufacturing Output Up 1.5%
South Africa Manufacturing Output Up 1.5%

South Africa Manufacturing Output Up 1.5%

South Africa Manufacturing Output Up 1.5%

Data released Tuesday by Statistics South Africa showed that manufacturing production in South Africa increased 1.5% year-on-year in August of 2017, better than market expectations of a 0.05% drop, IOL reported. The expansion in manufacturing output is the first expansion in factory activity after four consecutive months of declines and the strongest since November last year. StatsSA said the expansion was supported by higher production of basic iron and steel, non-ferrous metal products, metal products and machinery. On a monthly basis, manufacturing production inched up 0.3% in August, compared to a 1.5% rise in the previous month. Macroeconomics statistics website Trading Economics said that industrial production in South Africa averaged 0.95% from 1974 until 2017, reaching an all-time high of 18.50% in May of 1995 and a record low of -23.20% in April of 2009. The August purchasing managers index rose slightly, suggesting a marginal pick-up in the sector, with the index continuing up from 42.9 in July to 44 in August.

 

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