Annual manufacturing growth in October beats expectations
By Sunita Menon - Dec 11th 2018, 20:21
Production from SA’s factories was boosted considerably in October compared with the same month in 2017, Statistics SA reported.
Annual growth in manufacturing production grew 3% in October after remaining flat at 0.1% in September. This was considerably higher than the Bloomberg consensus of 0.8%.
The biggest growth drivers were a 6.5% rise in food and beverages, a 14% uptick in motor vehicles, parts and accessories and other transport equipment, and a 3.2% increase in basic iron and steel, non-ferrous metal products, metal products and machinery.
Compared with the month before, manufacturing production grew 1.1% in October.
Stats SA’s manufacturing production index, which was set to 100 points in 2015, came to 113.4 points in October, up from 105.3 points in September and 110.1 points in October 2017.
The monthly changes in factory output measured by Stats SA usually tend to be foreshadowed by the Absa-sponsored purchasing managers’ index (PMI), which is usually published on the first business day of each month.
In October, the manufacturing PMI declined for a third consecutive month to reach 42.4 index points. A level under 50 points indicates a contraction in the sector.
However, in recent months the production figures and the survey have not been in tandem.
Load shedding threatens jobs, economic recovery, says consumer body
22/03/2019 - 13:31
Load shedding, which has been escalated to Stage 4, is posing a significant risk to economic recovery, the Consumer Goods Council of South Africa said in a statement, as rotational blackouts continued to grip the country.
Retail sales recover in January after dismal December figures
22/03/2019 - 09:23
Retail spending showed signs of recovery in January, growing 1.2% on an annualised basis, slightly faster than analysts had expected.
SA beef export market reopens to the Middle East
22/03/2019 - 08:23
The recently held Gulfood Trade Show 2019, which took place at the Dubai World Trade Centre, saw the reopening of beef trade between South Africa and the Middle East.
Business counts cost as Eskom battles power shortages
20/03/2019 - 09:14
State utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth.
SA meat price inflation to remain subdued due to foot-and-mouth outbreak
19/03/2019 - 11:27
SA’s meat price inflation could remain subdued in 2019 as a ban in exports could increase local supplies, according to the Agriculture Business Chamber (Agbiz), an organisation that represents commercial farmers and agribusiness.