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South Africa's private-sector activity remains weak amid recession

3rd October 2018

By: Reuters

  

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South African private sector activity remained weak in September as output, new orders and employment fell after the economy fell into recession, a survey showed on Wednesday.

The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS Markit, rose to 48 in September from 47.2 in August, staying below the 50 mark that separates expansion from contraction.

The August print was the lowest in 29 months.

"Firms linked lower output to declining new orders and a recession in the economy. The rate of contraction slowed from August's strong pace, but was still the second-fastest registered for two-and-a-half years," IHS Markit said in a statement.

Having stagnated for a decade, Africa's most industrialised economy slipped further in the second quarter by entering recession for the first time since 2009, led by declines in the agricultural, transport and retail sectors.

Edited by Reuters

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