Manufacturing output drops in February
By Robert Laing - Apr 13th, 08:25
SA’s manufacturing output growth decelerated sharply to 0.6% in February from 2.3% in January, dashing expectations of an uptick.
The economists’ consensus from a poll by Trading Economics was that February would see an acceleration to 2.6%. Tuesday’s report from Statistics SA also revised the January figure down from the originally reported 2.5%.
Sectors that contributed to the disappointing figure for February included paper and printing, which reported a 3.1% decline in output over the year; oil production, which declined 2.8%; and iron and steel production, which declined 0.3%.
The clothing and textile sector also reported a 4.2% decline in production, with footwear production falling 13.8%.
Manufacturing sectors that reported growth included food and beverages, which grew 4.3%, a slowdown from 9.4% in January.
Vehicle factories accelerated production to 5.5% from 5.2% in January.
Stats SA’s manufacturing volume index, which was set to 100 points in 2015, rose to 94.6 points in February from 87.4 points in January. It was 94 points in February 2016.
The total value of manufacturing sales in February in current prices came to R174.6bn, up from January’s R155.6bn and R163.4bn in February 2016.
© BusinessLIVE MMXVIII
SA factories do better than expected in May
12/07/2018 - 13:47
SA’s manufacturing output grew 2.3% in May from the same month in 2017, contradicting a drop predicted by the Absa purchasing managers index (PMI).
Unlocking export markets for SA’s vegetable industry
12/07/2018 - 07:59
Global opportunities are opening up for South African vegetable producers and exporters with the emergence of new markets in some Asian and African countries. This is due to an increase in middle-income earners, says Ezra Steenkamp, deputy director of international trade research at the Department of Agriculture, Forestry and Fisheries.
Trade wars turn up the heat on local consumers
11/07/2018 - 09:24
South African consumers face more pain from potential global trade wars and fuel increases, global payments company Mastercard said in a statement.
Technology offers retailers respite in shrinking economy
06/07/2018 - 14:18
As business confidence in South Africa plummeted six points in June on the back of disappointing gross domestic product figures for the first quarter, South African retailers battle to achieve profitability, compounded by a PwC survey that names South Africa as the country with the highest rate of economic crime in the world.
Illicit tobacco sales will cost SA R7bn this year, says Tisa
06/07/2018 - 13:21
Tobacco Institute report claims suspended SARS commissioner Tom Moyane turned a blind eye to the illicit cigarette industry.