Manufacturing production in South Africa was reported to have decreased 5.2% year-on-year in June, after a revised up 1.2% slump in May.
Market consensus had pointed to a much smaller drop, by 0.9% YoY.
In June, production contracted for:
– motor vehicles, parts and accessories and other transport equipment, by 15.6% YoY;
– basic iron and steel, non-ferrous metal products, metal products and machinery, by 8.4% YoY;
– food and beverages, by 6% YoY.
In month-over-month terms, manufacturing output shrank 0.5% in June, following a revised up 3.6% drop in May, data by Statistics South Africa showed.
The South African Rand was 0.37% weaker on the day against the US Dollar, with the USD/ZAR currency pair last trading at 18.4105 as investor focus sets on the upcoming report on US initial jobless claims.
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