Market Commentary and Intraday News

South Africa Factory Output Rises Unexpectedly In August

226 days ago

(RTTNews) - South Africa's Manufacturing Production increased unexpectedly in August, and the rate of growth weakened sharply from the previous month.

Data from Statistics South Africa Thursday showed that Manufacturing production increased 3 percent on an annual basis in August, markedly slower than July's 6.3 percent gain. Economists had forecast production to decrease 1.1 percent year-on-year.

Driving the overall growth, production of petroleum, chemical products, rubber and plastic products grew 4.7 percent annually, while output of wood and wood products, paper, publishing and printing climbed 9.9 percent.

There was a 4.2 percent year-on-year gain in the production of basic iron and steel, non-ferrous metal products, metal products and machinery during the month.

Compared to July also, factory production increased 3 percent, which was sharply faster than the 0.6 percent rise economists expected.

In the January-August period, factory production advanced 2.3 percent from the corresponding period a year earlier, data showed.

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