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Financial News: South Africa Manufacturing Output Grows 2.6%

South Africa Manufacturing Output Grows 2.6%

03/14/2024 - 09:27:00 (RTTNews)

(RTTNews) - South Africa's manufacturing output expanded for the fourth straight month in January, and at a faster-than-expected pace, data from Statistics South Africa showed on Thursday.

Manufacturing production advanced 2.6 percent year-over-year in January, after a 1.3 percent increase in December. Economists had forecast only a 0.7 percent rise for the month.

The positive contributions to the annual increase were petroleum, chemical products, rubber and plastic products, wood and wood products, paper, publishing and printing, textiles, clothing, leather and footwear, and glass and non-metallic mineral products, the agency said.

On a monthly basis, manufacturing production rebounded 0.8 percent from December, when it dropped by 1.3 percent. Meanwhile, it was expected to increase by 0.5 percent.

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