SA factory output surges in February
Fin24 - Apr 12th 2012, 08:20
Johannesburg - Growth in South Africaâ€™s manufacturing output outpaced expectations in February, adding to signs that domestic demand is recovering and backing the case for higher interest rates.
Factory output grew by 4.1% year-on-year in volume terms in February from a revised 2.3% in January, Statistics South Africa said on Wednesday. Economists in a Reuters survey expected growth of 2.0%.
On a month-on-month basis, production in volume terms grew by a seasonally adjusted 2.8%. It expanded 1.6% in the three months to February compared with the previous three months.
The manufacturing sector contributes about 15% of gross domestic product and is a major creator of jobs for the largely unskilled labour force in the country where unemployment has languished for years at around 20 to 25%.
â€śItâ€™s a really good number, especially since the manufacturing numbers have had trouble building up steam,â€ť Efficient Group economist Merina Willemse said.
â€śIt shows a promising growth in this industry, supporting perhaps a more optimistic economic figure.â€ť
The Reserve Bank has left its repo rate unchanged at 5.5% in the last 16 months to aid economic recovery after a recession in 2009, but some analysts say monetary tightening could resume at the end of the year to curb inflation.
The rand was firmer at R7.9633/$ from R7.9840 before the manufacturing data was released.
The yield on the 2015 bond dipped to 6.75% from 6.76% prior, while that for the 14-year bond was unchanged at 8.5%.
South Africa plans to spend R5.8bn over the next three years to help manufacturers affected by the global economic downturn upgrade their factories, improve products and train workers, the trade minister said this month.
DionWired unveils multichannel retailing to meet shopping trends
05/12/2013 - 15:33
DionWired has embraced the multichannel retail concept with the launch of its brand new website, which was developed to give consumers a highly positive, symmetrical shopping experience between the web and the brick-and-mortar stores.
South African economic growth â€śheld backâ€ť
04/12/2013 - 08:46
The growth of the South African economy was held back and activity slowed in the third quarter of 2013, the SA Reserve Bank said on Tuesday.
Double blow for Adcock suitor
03/12/2013 - 08:00
Johannesburg - A Chilean group's $1.2bn (R12.6bn) bid for drugmaker Adcock Ingram [JSE:AIP] was challenged on two fronts on Monday, as a group led by Bidvest [JSE:BVT] sought nearly a third of Adcock's shares and launched a court action against the bid.
Pick n Pay opens two premium stores as part of six month plan to open 64 stores
29/11/2013 - 10:27
After an improved performance at the half year, Pick n Pay is demonstrating its commitment to pursuing positive growth through focused, streamlined operations and an expanding store footprint, with plans to open over 60 new stores in the six months to end February 2014.
Zambiaâ€™s food security position is very strong
20/11/2013 - 10:50
Agriculture and Livestock Minister Bob Sichinga has disclosed that Zambia was on a strong position in terms of food security in the African region.