Manufacturing output contracts by lower-than-expected 0.5% y/y in February
Manufacturing production decreased by 0.5% year-on-year in February, mainly owing to a 2% contraction in petroleum, chemical products, rubber and plastic products output; an 8.9% contraction in the furniture and other manufacturing segment; and a 2% contraction in wood and wood products, paper, publishing and printing output.
“The second consecutive month of [year-on-year contractions] in manufacturing production continues to reflect the pressures on the supply side of the economy, which continues to grapple with electricity supply disruptions, weak demand and poor productivity.
“This is also mirrored in the lacklustre performance of South African exports in recent months, which have yet to show any meaningful benefit from a weaker currency. It seems that, even in the absence of strike action, the scope for this sector to push gross domestic product growth significantly higher in the coming quarters looks limited,” commented BNP Paribas economist Jeffrey Schultz.
He pointed out that 0.5% year-on-year contraction was, however, smaller than the 1.5% year-on-year contraction BNP Paribas had expected.
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