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Financial News: South Africa Private Sector Deteriorates In December

South Africa Private Sector Deteriorates In December

01/05/2022 - 07:05:00 (RTTNews)

(RTTNews) - South Africa's private sector contracted in December, survey data from IHS Markit showed on Wednesday.

The headline Purchasing Managers' Index fell to 48.4 in December from 51.7 in November. Any reading below 50 indicates contraction in the sector.

"Despite the government's decision to keep COVID-19 measures at Level 1, business activity in South Africa fell sharply in response to the Omicron wave during December," David Owen, an economist at IHS Markit, said.

Output declined at the fastest pace in five months in December and new orders fell sharply.

The outlook for the next 12 months remained strong and above the series trend.

The staffing number remained stable in December. Backlogs of work declined for the first time in ten months and at the quickest rate since September 2020.

Delivery time lengthened in December.

Input prices increased further in December and selling costs rose sharply.

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