South Africa: Manufacturing activity remains unchanged in September
Latest reading: Manufacturing production was flat month on month in seasonally adjusted terms in September (August: -0.7% s.a. mom). Looking at the details of the release, the improvement was primarily driven by stronger growth in petroleum, chemical products, rubber and plastic products, plus a rebound in basic iron and steel, non-ferrous metal products, metal products and machinery output. Less positively, food and beverages output swung to a contraction.
On an annual basis, manufacturing production decreased 0.8% in September, matching August’s fall. Still, the trend improved modestly, with the annual average variation of manufacturing production coming in at plus 0.3%, up from August’s flat reading.