Manufacturing output remained tepid in May
By Karl Gernetzky - Jul 11th, 15:56
SA's manufacturing sector grew a marginal 1% year on year in May but failed to hold onto a surge experienced in April, when the sector rebounded after being hit by load-shedding in first quarter of 2019.
Output fell 1.5% in May when compared to April, Statistics SA said. This is more than twice the 0.6% contraction forecast in a Bloomberg poll. That consensus had expected a 1.3% year on year rise for the sector.
Adding to the gloom, Stats SA revised the year on year growth rate for the sector to 4.3%, from 4.6% previously.
An increase in activity in the food and beverage sector in May lifted the headline figure the most, growing 6.8% year on year, and contributing 1.8 percentage points.
The most significant negative contribution was made by the wood and wood products, paper, publishing, and printing division, which fell 3.9% year on year, contributing 0.4 percentage points of decline to the headline figure.
SA's manufacturing sector remains under pressure, hit by policy uncertainty and receding growth expectations for 2019 domestically, as well as weakening global trade conditions.
Local factory owners experienced an uptick in activity in June when the seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to 46.2 index points from 45.4 in May.
The average level for the second quarter was 46.3 points, however, below the level recorded in the first quarter of 2019, and the index has been in contractionary territory for six consecutive months in June.
SA expected to sow fewer maize hectares than in previous seasons
26/11/2019 - 10:06
South African farmers are expected to sow 2.8% fewer hectares of the food staple maize next season than forecast in October after the planting season was delayed by rains, a Reuters survey of analysts showed.
The clever shift SA's economy can make: economist
13/11/2019 - 13:29
Finance minister Tito Mboweni’s medium-term budget gave a blunt presentation of the financial issues facing South Africa and it is clear that government has finally come to grips with reality, says Efficient Group economist Francois Stofberg.
Billions in investments flow in to improve SA's economy
13/11/2019 - 11:30
More businesses have pledged billions of rands in investment to the ailing South African economy at the second investment conference in Sandton.
Black Friday hype begins as retailers test shoppers with 'teasers'
06/11/2019 - 09:15
Retailers’ gloves are off in the battle to gain market share ahead of Black Friday, with several deals already being unveiled to attract customers.
Manufacturing sentiment improved in October
05/11/2019 - 12:52
Manufacturing activity recovered in October, improving on the previous month’s revised figures and beating market expectations.