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South Africa’s manufacturing output fell 1.1% year-on-year in November after rising by 1.0% in October, according to the country’s statistics agency. Factory production rose 2.0% month on month in November. Analysts had predicted a 2.3% drop in annual terms and a 1.1% month-on-month drop.
Output in the domestic manufacturing sector fell by 1.1% on an annual basis in November 2022, data released by Statistics South Africa showed. But a 2% spurt in production compared to October signals the sector is not completely on the ropes.
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The annual decline of 1.1% was the first since July, a worrying sign that the surge in rolling blackouts is dimming a sector that is power-intensive. The markets had expected a much worse number. For instance, the Bloomberg consensus forecast pegged the drop at 3.5%.
