South Africa: Manufacturing production recovers in March
Latest reading: Manufacturing production was up 0.8% on a seasonally adjusted month-on-month basis in March, following a 1.8% drop in the previous month; March’s reading overshot market expectations.
Relative to the prior month’s figures, readings in March improved for petroleum, chemical products, rubber and plastic products (-0.6% on a seasonally adjusted month-on-month basis vs -1.6% in February), food and beverages (+1.7% vs -1.1% in February), basic iron and steel, non-ferrous metal products, metal products and machinery (+2.0% vs -0.1% in February) and wood and wood products, paper, publishing and printing (-2.8% vs -3.2% in February).
On a year-on-year basis, manufacturing output increased 0.9% in March, following a 2.3% decline in the previous month.