Advertise with fastmoving.co.za
 
 

Blow for GDP as manufacturing joins mining in October fall
Blow for GDP as manufacturing joins mining in October fall

Blow for GDP as manufacturing joins mining in October fall

ECONOMIC NEWS

bdlive.co.za - Dec 9th 2016, 14:30

The volume of goods produced by South African factories fell 2.7% in October from the same month in 2015, Statistics SA reported on Thursday. 

Stats SA’s manufacturing volume index came in at 115 points in October, down from 118.2 points the previous year.

Manufacturing data was Thursday’s second blow to hopes of SA’s fourth-quarter gross domestic product showing an improvement from the third quarter's 0.2% growth. Stats SA earlier reported mining production fell 2.9% in October from the same month the previous year.

Measured by value, South African factories sold R181.5bn worth of goods in October, 3.5% higher than the R175.3bn sold in October 2015, and 0.3% higher than the R181bn sold in September.

Stats SA revised September’s figure to show a 0.2% annual growth in manufacturing volume from the provisionally reported zero percent.

The main contributors to October’s manufacturing volume decline were food and beverages which fell 7.3% from the previous year, transport equipment which fell 9.9%, and petroleum products which fell 1.7%.© Business Live MMXVI 

Related News

Retail boost could steer SA away from a recession
12/08/2019 - 12:37
A rebound in economic growth in the second quarter of the year will likely see SA avert its second recession in two years.

Eastern Cape aims to create thriving economy through Cannabis
02/08/2019 - 10:05
If the Eastern Cape plays its cards right to formalise its cannabis industry, the province could have a thriving economy, provincial premier Oscar Mabuyane said.

As cyber threats increase, manufacturers should seek OT-IT convergence
01/08/2019 - 10:55
Cyber threats were traditionally perceived to largely target organisations in the financial services sector or companies whose data could be monetised by cybercriminals. Of late, we have seen that businesses in other industry sectors are becoming increasingly vulnerable to attacks.

Hasbro to start making toys in Vietnam and India as US-China trade war goes on
25/07/2019 - 10:35
Hasbro CFO Deborah Thomas says some retailers briefly paused direct import orders from manufacturing locations in the second quarter as they watched the trade situation.

Rate cut good news, but don't get too excited - economists
24/07/2019 - 10:05
The SA Reserve Bank's decision to cut the repo rate by 0.25% has been met with cautious optimism by analysts, who – while welcoming the move – have warned that relief is more likely to be short-term, and that room for further easing is limited.