November manufacturing output comes in below expectations
Manufacturing output for November fell below analysts’ expectations, registering a “disappointing” 1.3% year-on-year contraction. This followed on the revised 2.3% year-on-year uptick in October.
Statistics South Africa attributed the weakened November output to the lower production of motor vehicles, parts and accessories and other transport equipment; food and beverages; and glass and nonmetallic mineral products.
The motor vehicles, parts and accessories and other transport equipment sector recorded a 9.1% contraction, contributing –0.9 of a percentage point, while the food and beverages sector contributed –0.4 percentage points after reporting a decline of 1.7% in output. Production in the glass and nonmetallic mineral products sector decreased 6.8% and contributed –0.3 of a percentage point.
Production for the month under review was well below market expectations of between 0.9% and 1.7%.
On a seasonally adjusted basis, manufacturing production increased 4.1% during the three months to November, with all ten manufacturing divisions recording positive growth rates.
The main contributors to the increase were the motor vehicles, parts and accessories and other transport equipment division, with a 16.7% hike and contributing 1.4 percentage points, and the basic iron and steel, nonferrous metal products, metal products and machinery division, which delivered a 5.5% increase and contributed 1.1 percentage points.
Commentators said the outlook for 2015 remained subdued, given the ongoing power outages, the threat of renewed labour disruptions, expectations of slower growth in key export markets and sharply lower international commodity prices.
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