Manufacturing data for June showed a massive decline—far worse than expected—ending the quarter on a disappointing note.
The latest manufacturing data for South Africa shows a marked decline in production by 5.2% in June, significantly lower than market expectations of -0.9%.
However, when measured on a quarter-on-quarter seasonally adjusted basis—the measure used to calculate GDP—the manufacturing sector increased, albeit modestly, by 0.9%, supported by April’s strong result.Therefore, the sector should still add favourably to the second quarter’s GDP reading overall. The food and beverages grouping which makes up a substantial 21.44% of the manufacturing basket, together with the motor vehicles, parts and accessories and other transport equipment segment detracted a further, combined -3.0% points from the headline outcome.
Specifically, the Business activity sub-index declined during the month while new sales orders remained lacklustre at 37.9.
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