Manufacturing Production Declines By 2.6

Data released by Statistics South Africa shows that manufacturing production declined by 2.6 in November 2024 compared with November 2023.

The largest negative contributions came from motor vehicles, basic iron and steel, metal products and machinery, wood and wood products as well as textiles and clothing.

An Independent Economist, Elize Kruger, says the latest manufacturing data paints a bad picture for the overall economic growth outcome in 2024.

"Very clear that the manufacturing sector remains on the back foot in November for reasons such as weak local and global demand as well as ongoing logistical constraints. The main weakness was evident in sub-sectors such as motor vehicle manufacturing, basic iron and steel production, as well as wood, paper and printing production. These numbers do not bode well for our fourth quarter GDP growth which is likely to be disappointing," says Kruger.

VIDEO Low demand is one of the reasons identified for the decline in manufacturing figures.