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Financial News: S. Africa Manufacturing Output Falls At Slower Pace

S. Africa Manufacturing Output Falls At Slower Pace

01/11/2022 - 06:40:00 (RTTNews)

(RTTNews) - South Africa's manufacturing output dropped at a slower pace in November, Statistics South Africa reported Tuesday.

Manufacturing output decreased 0.7 percent annually, much slower than the 8.5 percent decline seen in October. Economists had forecast an annual fall of 1.4 percent. This was the second consecutive decrease in production.

At the same time, manufacturing output logged a monthly growth of 3.7 percent after falling 5.2 percent in October. Output was expected to gain 0.3 percent.

In three months to November, manufacturing production was up 2.2 percent from the previous three months.

The negative contributions to the annual fall was largely driven by petroleum, chemical products, rubber and plastic products and furniture and 'other' manufacturing.

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