South African Manufacturing Underperforms Forecasts in December [Financial Post (Toronto, Ontario, Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Financial Post
Author of the article: (Bloomberg) — South African manufacturing production underwhelmed in December, but it is unlikely to have a meaningful bearing on fourth quarter economic growth after the previous month's figure was revised higher. Output rose 0.7% from a year earlier, compared with an an upwardly revised 2.5% in November, Pretoria-based Statistics South Africa said Thursday in a report published on its website. On a month-on-month basis it contracted 1.7%. Both readings were less than analysts had expected. Their median estimates in a Bloomberg survey was for a year-on-year increase of 2.7% and a monthly gain of 0.4%. Article content Article content The slowdown may add to concerns that factories are struggling to build momentum at the start of this year. A purchasing managers' index plummeted last month to the lowest level since 2020 as demand and activity dropped sharply, underscoring the impact on activity of congested ports, railway bottlenecks and chronic electr
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