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Financial News: South Africa Manufacturing Production Growth Eases

South Africa Manufacturing Production Growth Eases

04/10/2018 - 07:31:00 (RTTNews)

(RTTNews) - South Africa's manufacturing production growth eased at a slower-than-expected pace in February, preliminary figures from Statistics South Africa showed Tuesday.

Manufacturing production rose an unadjusted 0.6 percent year-over-year in February, well below the 2.3 percent gain in January. Economists had expected a 0.5 percent increase for the month.

Nonetheless, it was the fifth successive monthly rise.

The overall growth in February was mainly due to higher production of food and beverages, glass and non-metallic mineral products, motor vehicles, parts and accessories and other transport equipment.

On a monthly basis, industrial production dropped a seasonally adjusted 2.4 percent from January, when it slid by 1.6 percent. In contrast, it was expected to rise by 0.5 percent.

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