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Financial News: South Africa Manufacturing Growth Weakest Since July 2021

South Africa Manufacturing Growth Weakest Since July 2021

05/03/2022 - 09:42:00 (RTTNews)

(RTTNews) - South Africa's manufacturing sector expanded in April at the slowest pace in ten months as business activity and demand was hurt by devastating flooding in parts of KwaZulu-Natal, results of a monthly survey by the Bureau of Economic Research showed Tuesday.

The seasonally adjusted Absa Purchasing Managers' Index, or PMI, fell notably to 50.7 in April from 60.0 in March. A reading above 50 suggests growth in activity.

The reading was the lowest since July 2021 when unprecedented looting and rioting shook local production and demand, BER said.

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