Financial News: South African Private Sector Logs Marginal Expansion

South African Private Sector Logs Marginal Expansion

05/06/2024 - 07:44:00 (RTTNews)

(RTTNews) - South Africa's private sector activity signalled a moderate expansion in April as output and new orders dropped only marginally, survey results from S&P Global showed Monday.

The purchasing managers' index rose to 50.3 in April from 48.4 in March. Any score below 50.0 indicates contraction, while a reading above 50 indicates expansion in the sector.

While demand remained poor and economic activity declined, some firms were able to increase their output due to a decrease in load shedding and a more gradual decrease in new orders, the survey said.

New orders dropped slightly and to a much lesser extent than in March. Similarly, export demand was slightly lower, which was more evident in a range of African markets but also in European economies such as the UK.

Companies in South Africa were encouraged to increase workforce levels and purchasing activities due to signs of improving demand and optimistic forecasts for the coming months.

On the price front, cost pressures remained sharp in April amid higher prices for energy and fuel, as well as currency weakness. Nonetheless, the rates of inflation slightly, while the selling price inflation quickened to the steepest since last October.

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