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SA manufacturing output remains below 4% despite positive gains in April
- 1. In April 2017, the South African manufacturing industry saw a welcome 2.3%m/m rise in production. This was largely due to a 4.8% jump in food production as well as an increase in vehicle output month on month. There were also marginal improvements in the printing industry and chemical production. However, the manufacturing industry output is still -4.1% below the recorded level for April 2016, and is far below the levels that were achieved before the financial crisis. This means that, overall, the sector remains in recession. This sector has been one of South Africa’s most disappointing since the global financial crisis, despite policy initiatives to boost the sector and a relatively week exchange rate. It is hoped that an increase in agricultural production due to favourable summer rains, combined with a modest pick-up in global demand for commodities and higher commodity prices will support the sector over the coming months. STANLIB is an authorised financial services provider By: STANLIB Chief Economist, Kevin Lings SA Manufacturing output remains below 4% despite positive gains in April